Why Austrian Economics Matters (Chicago 2011)

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Why Minimum Wage is Keeping You from Getting a Job

  • Why Austrian Economics Matters
April 14, 2011

Tags Austrian Economics OverviewInterventionism

A job seeker may not have the skill set that is worth $7/hour minimum wage. The minimum wage law keeps that individual from being employed. Yet, that person might have been happy making half that in order to gain entry skills and later improve his salary. Markets can meet the supply of jobs and the demand for jobs perfectly when the arrangement between employee and employer is voluntary. There never need be anyone unemployed who wishes work. Government intervention in the form of wage controls like minimum wage laws or union wage rules mess with that natural market supply and demand.High School Seminar in Chicago on 8 April 2011. Sponsored by Jeremy Davis.


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