500+ Economists assert as irrefutable - minumum wage laws a job killer
More than 500 economists, including three Nobel laureates (Vernon Smith, Eugene Fama and Ed Prescott, along with AEI scholars/fellows Andrew Biggs, Alex Brill, Bob Helms, Marvin Kosters, Tom Miller, Stan Veuger, and Ben Zycher) have signed this letter arguing that artificially raising the minimum wage to $10.10 per hour through a government mandate would have adverse effects on the employment opportunities for unskilled and low-skilled workers. The tragedy of this well-intentioned, but misguided legislation is that it would harm and disadvantage the very workers it is intended to help (see cartoons below from Henry Payne).
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FMF Policy Bulletin
Publish date: 15 March 2014
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.