Aielyn on 06 February 2013
| Max King of the Wild said: "whatever group is more inelastic shall incur the costs. Incentives will drive the decisions. Yada yada economy economy blah blah blah. There is a certain wage people will work for at jobs and maybe Chicago is trying to create a incentive for people to work at McDonalds. People might be saying "I'm not working there for 8.50" and they might change their tone at 10 dollars... but with the state of the economy that dollar amount has lowered and Mcdonalds doesn't need those people who wont work for less because its easy to find people who will. If min wage acts like tax blah blah blah... Most likely business will cut hours or increase prices" - economist Like those amateur reasonings? PS - A 4 dollar jump in 5 years is quite a difference. |
Here's a tip - I never said that professional economists are any better. I can tell you right now that if you ask five different professional economists what impacts such a minimum wage hike will have, you'll get five different answers.
