If minimum wage were abolished tomorrow, what do you think would be the effect? I just had this discussion with a family member. said family member is very adamant that "something is only worth what someone else is willing to pay for it, including labor" - which I almost totally agree with, except in the area of the minimum wage. He thinks that there should be no minimum wage, and all wages should be determined by supply and demand. I think that if there were no minimum wage, people with no skills would make so little that the burden on the tax payers would be substantially increased. I think it would be a bad move. I actually think the minimum wage should be increased. what are your thoughts?
this question is about economics, not politics, please don't steer it towards politics.
this question is about economics, not politics, please don't steer it towards politics.