While reading the biography of Thomas Sowell I noted he and other economists are critical of minimum wage laws. I have heard this before and do not understand it. It seems intuitively to me a valuable thing to have minimum wages. In fact more than one article said exactly that. Specifically they write that people who are not economists believe minimum wages protect workers from exploitation and reduce poverty. Right. I am one of those ….. but I can’t dismiss the frequency with which I read most economists disagree. They say it creates unnecessary hardship for the very people who are supposed to benefit from it. If they are correct, if it does create less employment it would be a situation where they have to convince most people whose feelings disagree with that conclusion. Feelings, nothing more than feelings, trying to forget my feelings of looooove (sung like karaoke) . What type of evidence do they have? Could I handle it?
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What’s funny about the Left in the Western world is that they look to the northern European countries as inspiration and confidence in their socialistic ideas, when a lot of those countries (Denmark, Sweden, Norway, Finland and Iceland) don’t have minimum wages. The irony is the Left in the West supports having a minimum wage, and even regular minimum wage increases, yet the countries they look to for inspiration and confidence don’t have a minimum wage. Those countries also have higher standard of living. Raising the minimum wage is the fasest way to increase inflation. Left Wing voters refuse to see this.