Tag: living wage
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Minimum Wage, Maximum Suffering
Acton Commentary: Minimum Wage, Maximum Suffering by Robert Sirico The minimum wage is going up but in real terms—that is, adjusted for inflation—but it has generally fallen since its height in 1968, at which point it exceeded $9 in today's dollars. The unemployment rate was at 6 percent and it would go higher and higher…
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The Fallacy of Creating a “Living Wage” by Fiat
Mayor Daley of Chicago recently vetoed an ordinance requiring big retailers to pay a "living wage" higher than other employers are required to pay. Economist Greg Mankiw used the occasion of this event to resurrect an excellent article he wrote five years ago about efforts by Harvard students demanding a "living wage" for Harvard workers…