Shawn Ritenour, adjunct scholar and economist at Grove City College, discusses the absurdities of mandated wage floors: Give Lower-Skilled Workers a Chance.
Source link: http://blog.mises.org/2212/on-the-minimum-wage/
On the Minimum Wage
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Good article Mr.Ritenour. i wihs some way the guys i work with would read articles like this and so learn some basic economics.
The art or skill of convincing a prospective employer to hire the applicant has become a whole cottage industry in and of itself. So I say that minimum wage legislation often eliminates applicants who are simply less skilled at self-promotion in favor of those who are more skilled at self-promotion.
Were it not for minimum-wage legislation, employers could afford to take more risks, and could experiment more, in deciding whom to hire. For example, the hirer might hire ALL applicants, experienced AND inexperienced for,
say, a week, at little or no pay, and then choose from among them the applicant he REALLY wants–the one who DEMONSTRATES he does the job best or DEMONSTRATES greatest potential.
As it is, I think it is usually the most convincing and least embarrassing braggart who is sure to get the job. Because of other legislation, he is unlikely to lose the job even after he is found out for what he is.
Does anyone else have a problem with this article?
http://www.slate.com/id/2103486
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