Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty

While economists are famous for their disagreements (and their incompetent forecasts), there is universal consensus in the profession that demand curves slope downward. That may be meaningless

jargon to non-economists, but it simply means that people buy less of something when it becomes more expensive.

And this is why it makes no senseto impose minimum wage requirements, or to increase mandated wages where such laws already exist.

If you don’t understand this, just do a thought experiment and imagine what would happen if the minimum wage was $100 per hour. The answer is terrible unemployment, of course, which means it’s a very bad idea.

So why, then, is it okay to throw a “modest” number of people into the unemployment line with a “small” increase in the minimum wage?

Source: Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty