It is generally accepted among economists that minimum wage, Ask an Expert

Economics

It is generally accepted among economists that minimum wage warps the equilibrium point between the supply and demand of labor by instituting price floor and increases unemployment for unskilled laborers (while increasing the wage for the individuals who continue to work).

However, I have noticed that politicians continue to advocate an increase in the minimum wage. Politics and political manoeuvring aside, is there an economic reason as to why a higher minimum wage would benefit the economy?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91339178

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