Mon Jul 17 11:24:06 EDT 2006
> When thinking about the minimum wage as a "fallacy,"
it's worth recalling that one of the
> arguments made in Congress in the 1930s in favor of
enacting a minimum wage was precisely that it
> would reduce teenage employment and induce employers
> to substitute (some) adult labor. So where's the
fallacy in that?
> Donald A. Coffin
That historical justification is no fallacy, but
raising the minimum wage today has support among much
of the population, and some (probably a minority of)
economists, who think this would generally improve the
status of low-income families. I presume most
economists today would regard that proposition as a
fallacy.
Fred Foldvary