Tuesday, February 10, 2015
Raising Minimum Wage Still Impacts Unemployment
While this seems to be quite obvious for many in the Economics profession, this may not be as obvious to others outside the profession. Many politicians present emotional arguments that stir up images of poverty and squalor, while making the case to raise minimum wage. However, in the world of Economics, what seems true to others, is typically the opposite in Economics. The case of raising minimum wage is no exception. Yes, there are many studies showing that raising minimum wage does not impact the OVER ALL unemployment rate, but this action still causes unemployment, at the individual level: i.e. Business Owner and Employee. This is true because of many reasons, as this article titled, Yes, Minimum Wages Still Increases Unemployment states.