Don Boudreaux, a Real Economist, puts the boot in.<\/p>\n
But why don\u2019t you \u2013 as, presumably, the owner of your own business \u2013 raise the wages that you pay to your employees?\u00a0 You\u2019re perfectly free to do so.<\/p>\n
You\u2019ll reply that such arbitrary increases in wages by individual employers put firms that so raise their wages at a competitive disadvantage relative to firms that don\u2019t raise their wages.\u00a0 That is, you understand that there\u2019s a cost to arbitrarily raising wages \u2013 and it is a cost that you seek to shove off of yourself and onto others by having government oblige all firms to pay a higher minimum-wage.<\/p>\n
Why, though, should I endorse a policy that shifts much of cost of arbitrarily raised wages from you to other people?\u00a0 A rise in the legislated minimum-wage will oblige your customers to pay higher prices (given that firms will be unable to gain competitive advantages by hiring workers at wages below the minimum).\u00a0 A big chunk of the cost of such an arbitrary hike in wages, therefore, will be shifted by legislation from you to consumers.\u00a0 Worse, to the extent that such cost-shifting is avoided, a higher minimum-wage will likely condemn many low-skilled workers to the hell of longer periods of unemployment.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Don Boudreaux, a Real Economist, puts the boot in. But why don\u2019t you \u2013 as, presumably, the owner of your own business \u2013 raise the wages that you pay to your employees?\u00a0 You\u2019re perfectly free to do so. You\u2019ll reply that such arbitrary increases in wages by individual employers put firms that so raise their […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-77888","post","type-post","status-publish","format-standard","hentry","category-think-about-it"],"_links":{"self":[{"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=\/wp\/v2\/posts\/77888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=77888"}],"version-history":[{"count":2,"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=\/wp\/v2\/posts\/77888\/revisions"}],"predecessor-version":[{"id":77890,"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=\/wp\/v2\/posts\/77888\/revisions\/77890"}],"wp:attachment":[{"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dyspepsiageneration.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}