The people who prattle on about how raising the minimum wage will relieve poverty are evidently incapable of understanding that they’re pursuing a policy that is counterproductive — unless the policy they are truly interested in is getting themselves re-elected by appealing to gullible voters. Nevertheless, I’ll post a recent article by Professor James Dorn. He correctly observes that the path to greater prosperity for the poor is to have more economic freedom. Hong Kong has no minimum wage at all, but a rapid rate of economic growth that “lifts all boats.”
No good ever comes out of coercion and that’s all that minimum wage legislation is.
