3. An excess of supply in labour is usually called unemployment; minimum wage supporters deny that minimum wage laws create unemployment. What other goods can a price floor be set above the market price without creating an excess of supply?Again I'm sure there will be no answers forthcoming.
4. Why don't you want minimum wage to be £20/hr, or £100/hr, or £1,000/hr? If wages can be set by government without any ill effects, why not solve most social problems simply by raising the minimum wage?
Wednesday, 1 June 2011
Even more questions
Previously I had Questions and more questions from Bryan Caplan and Mark Perry. Now Sam Bowman at the Adam Smith Institute blog wants to ask his own questions: