This is all anyone needs to know about the minimum wage law:
It’s forced unemployment for the under-profitable.
That means if a worker isn’t skilled enough to make any employer more than what the worker is paid under the minimum wage law, meaning the worker is under-profitable, the government forces that worker to be unemployed by not allowing an employer to hire that worker at a wage lower than the minimum wage.
The minimum wage law forces the employer and under-profitable worker to not agree to a mutually profitable deal.
It’s coercive.
It’s unjust because it violates both the employer’s and worker’s right to private ownership.
So it should be abolished at every level. There should not be any minimum wage law at all.
It does not raise wages overall either.
It often forces some workers to lose wages because it makes employers provide less hours of pay, or none at all due to layoffs or job closings.
It reduces investment into small-businesses that require low labor costs to start out, which reduces investment into producing greater consumables, reducing purchasing power and thus everyone’s welfare.
Economic law proves that the higher the minimum wage law, the more workers are worse off.
It always leads to fewer jobs or fewer job opportunities.
So the minimum wage law is always unjust and destructive, and should be abolished.
That is the minimum wage law in one lesson.