Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a workers productivity worth that amountand, if it is not, that worker is unlikely to be employed.
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About Thomas Sowell
Thomas Sowell was a contemporary American economist. Thomas Sowell is an American economist, economic historian, and social theorist. With widely published commentary and books—and as a guest on TV and radio—he is a well-known voice in the American conservative movement as a prominent black conservative. Read more on Wikipedia →