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Is the minimum wage good for the economy overall?
The minimum wage is good for the economy.
Increases to minimum wage increases costs of goods but at a lower rate than the increase of buying capacity.
The minimum wage increases standard of living.
Minimum wage drives technological development as it gets profitable to invest in technology if the cost of labor is above the poverty line.
Minimum pay forces employers to find alternatives to having employees in absolute poverty. This forces the state to support education and training and to subsidize industries and jobs that are above the poverty line; making the employees actually contribute to society.
Sufficient evidence exists that higher minimum wage increases labour productivity in a workforce at minimum salary plus base commission for large firms in the retail sector.
showed that the increase in productivity and sales more than offsets the cost to the employer.
The minimum wage protects workers from unethical businesses who want to underpay their workers.
The minimum wage spurs economic growth by ensuring workers have money to spend.
A high minimum wage affords more people the free time or money necessary to pursue other goals such as education, learning a new skill, or starting a business. This increases diversity in the economy and the skills of its participants, which makes the economy stronger and more resilient.
The minimum wage increases inflation.
The minimum wage increases
. That is, workers will tend to get fewer hours in per week as businesses react to higher labor costs.
Minimum wages decrease businesses' incentive to invest.
All minimum wage laws harm the people who need the most help; that is, the least skilled of us. It makes it impossible for them to compete against more skilled workers as it takes away the only card in their hand (working for less money).
A minimum wage is dangerous response to the existence of poverty because it perverts the meaning and nature of work.
Higher skilled workers will have a natural resentment towards lower skilled because they might fall into the same wage levels. This resentment will kill productivity as the higher skilled workers will be demotivated to produce more.
The minimum wage is unnecessary because the market will determine a fair, equilibrium wage on its own.
The minimum wage increases unemployment.
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