The evils of a minimum wage

[bobquasit]

Someone irritated me greatly over on Askville by asking why it is that "conclusions" of economics are not generally accepted - such as, specifically, the "evils of a minimum wage".

Sometimes I wonder if anyone over on Askville ever asks an honest question. It seems that nine out of ten of them are asked to evangelize a religion, propagandize a political position or candidate, or sell something. The spammers may be the most honest of the lot!

Anyway, here's what I wrote in response:

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"Evils" of a minimum wage?

I think that particular "conclusion" isn't accepted because A) it's not a generally agreed-upon conclusion of economics (except among right-wing "free market" radicals and libertarians), and B) the ruthless and destructive behavior of many of America's most prominent corporations has made it eminently clear to anyone with a functioning brain that without a minimum wage, corporations would happily pay workers a penny a day - as they practically do in many parts of the world - and simply replace their workers as they drop off the economic map into utter poverty.

The problem with free-market fanatics is that they fail to recognize that human beings have worth that cannot be calculated in dollars and cents. And that there's a world of things out there that are, likewise, beyond price. How much would you pay for your next breath of air?

Comments

[tcpip.livejournal.com]

Of course something which ideological advocates for cutting the minimum wage usually overlook is that labour markets, especially for the low-skilled, are monopsonistic.

It's a balancing act, but the desired level is where the minimum wage is set so it is not greater than the competitive wage, but not lower than the monopsonistic wage.

[goddessgrrrrl.livejournal.com]

Haaaaaaalllaluuuujjah!

"Evils of minimum wage..." oh my goodness.

Some people need to be slapped.

[oldwolf.livejournal.com]

Should be The Evils of Minimum wage while on commission.

I was ready to leave that place 3yrs ago.