Ultimatum
Classical Liberal
No more fascinating is an internalisation of economic fallacy as a force against evil as is the support of minimum wages by millennials.
As a group of actors entering the labour market, they are the less likely to gain an employment due to lack of experience. This is especially true in low-wage labour markets. But no more deepens the abyss of entrance than a minimum wage.
If an uneducated, inexperienced young person wants to find a job in which the worth of his services (say £1 or $1) is less than the government diktat fix of £2 or $2, we thus have a situation whereby the young person will rely on an act of charity by the employer of £1/$1 an hour.
It is a disruption of the price mechanism and the information it should be transmitting to both the consumer and the worker.
As a group of actors entering the labour market, they are the less likely to gain an employment due to lack of experience. This is especially true in low-wage labour markets. But no more deepens the abyss of entrance than a minimum wage.
If an uneducated, inexperienced young person wants to find a job in which the worth of his services (say £1 or $1) is less than the government diktat fix of £2 or $2, we thus have a situation whereby the young person will rely on an act of charity by the employer of £1/$1 an hour.
It is a disruption of the price mechanism and the information it should be transmitting to both the consumer and the worker.
