The Labor Market & Minimum Wage

Paper Summary:

Discusses whether free market principles can be applied to the labor market. Questions whether a minimum wage introduces artificial subsidies into the market which increase inefficiency and layoffs. Minimum wage theory from perspective of modern liberalism. Conservative argument. View of supply & demand. Concepts & realities of perfect competition.

From the Paper:

"Can free market principles be applied to the labor market? Specifically, does the imposition of a minimum wage introduce artificial subsidies into the labor market which increase inefficiency and result in layoffs? The debate over the minimum wage and its effect on workers raged throughout the second half of the twentieth century, and continues. Labor believes that the minimum wage is set too low, while business maintains that any increase places an unfair burden on companies that will be forced to lay off the workers the minimum wage is designed to protect. This research examines the liberal view of the minimum wage, the conservative critique of that view, and the evidence in support of both.

Minimum Wage Theory from the Perspective of Modern Liberalism
The minimum wage was..."

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