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John Paloglou () and Walter E. Block ()
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John Paloglou: Loyola University New Orleans
Walter E. Block: Loyola University New Orleans

Romanian Economic Business Review, 2021, vol. 16, issue 3, 28-37

Abstract: The minimum wage law is a snare and a delusion. All too many people think it is the be all and end all of economic welfare. At no particular cost, except that for a legislative enactment, peoples’ wages can magically increase, with no negative repercussions, such as unemployment. Not so, not so. We demonstrate that this law does not serve as a rising floor, increasing wages on its upward path. Rather, it constitutes a barrier in terms of productivity that workers must overcome if they are to have a job, and the higher it is the harder it is to leap over.

Keywords: Wages; productivity; unemployment; ethics (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:rau:journl:v:16:y:2021:i:3:p:28-37