THE MINIMUM WAGE: DOES IT REALLY HELP WORKERS?

Paul McCormick and Walter Block
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Paul McCormick: Holy Cross College Worcester, MA, USA
Walter Block: University of Central Arkansas, Conway, AR 72035, USA

Chapter 12 in Labor Economics from a Free Market Perspective:Employing the Unemployable, 2008, pp 141-144 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThere is perhaps no greater cognitive dissonance than that which exists between the view that economists and non economists have about the minimum wage law. According to the latter, most recently articulated by President Clinton in an attempt to raise the level of coverage from $5.15 to $6.15, this law is all that stands between poorer working Americans and a continued loss in the purchasing power of their salaries. However as the present paper points out, this is a snare and a delusion. The minimum wage actually creates unemployment for the unskilled. Far from benefitting them, it is a positive harm to those at the bottom of the labor market.

Keywords: Labor; Unions; Economics; Wages; Race; Sex; Discrimination; Unemployment; Immigration (search for similar items in EconPapers)
Date: 2008
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