> This is why minimum wage and other laws exist.
This is not a settled question in economics. The idea that minimum wage laws help the poor is at the very least debatable.
This is not a settled question in economics. The idea that minimum wage laws help the poor is at the very least debatable.
Essentially, I believe that when the government thinks for the people like declaring a minimum wage the people tend to avoid thinking about it themselves.
0: https://en.wikipedia.org/wiki/Minimum_wage#Debate_over_conse...
Also, inflation. When everyone is making at least $15 /hr then that $15 means less than it used to. All costs of goods go up to match the new supply of "wealth". Burger flippers make $15 /hr but burgers now cost $10.
In more meta terms: manipulating the market is never easy if it's possible to do successfully at all.