Quote:
Originally posted by Sidd Finch
So what? If the product of a business enterprise is not sufficiently valuable that the owner can afford to pay people enough to create that product, then the business is not worth pursuing.
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I don't disagree with that.
But if you introduce the minimum wage into the equation, then you invalidate your own hypothesis. I think what you're inclined to say is that "If the product of a business enterprise is not sufficiently valuable that the owner can afford to pay people
the minimum wage to create that product . . . " Because, in so doing, you're ascribing a normative value to "enough". But, perhaps I'm assuming too much.
Ty: I was refering to Card and Krueger, whose study on this has been challenged on a host of grounds.
you can start here,
wiki, if econ 1 leaves you wanting.
