Friday, 15 June 2018

QotD: The marginal business busted by minimum wage laws

"When socialists want to hike the minimum wage, they tell you workers need more. Because that's how socialists work.When the minimum wage is hiked, it ruins the marginal business. Because that's how economics works.And when those businesses fail, socialists tell you they deserve it. Because that's how envy works."
~ Keith Weiner

1 comment:

  1. Keith Weiners' is a very simplistic point of view.

    The flip side of that is that without a minimum wage, any business that gains a competitive advantage by paying very low wages , forces all other competing businesses to lower wages as well.
    ....Because that is how economics works....

    For me, studying the history or the workers/labour movement in the 19th and 20th century , made me realize that economics does not have all the answers..
    Things like child labour, 5 day work week, holidays, work safety ...etc..etc.
    I remember my father telling me that when he was growing up in Holland, every Monday farm labourers had to line up for work... ie. Landowner would re-employ, or not, any labourer he wanted.
    My father perceived that as being unfair. ( His own father, who was a landowner never did that ).


1. Comments are welcome and encouraged.
2. Comments are moderated. Gibberish, spam & off-topic grandstanding will be removed. Tu quoque will be moderated. Links to bogus news sites (and worse) will be deleted.
3. Read the post before you comment. Challenge facts, but don't simply ignore them.
4. Use a name. If it's important enough to say it, it's important enough to put a name to it.
5. Above all: Act with honour. Say what you mean, and mean what you say.