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The Minimum Wage: Does It Really Help Workers?

In: Labor Economics From A Free Market Perspective Employing the Unemployable

Author

Listed:
  • Paul McCormick

    (Holy Cross College Worcester, MA, USA)

  • Walter Block

    (University of Central Arkansas, Conway, AR 72035, USA)

Abstract

There 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.

Suggested Citation

  • Paul McCormick & Walter Block, 2008. "The Minimum Wage: Does It Really Help Workers?," World Scientific Book Chapters, in: Labor Economics From A Free Market Perspective Employing the Unemployable, chapter 12, pages 141-144, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812790798_0012
    as

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