The minimum wage is $0.00 for many. It is against our law to hire anyone and pay him less than $9.25 per hour. For the person whose labor is not worth that $9.25, there is no job, sentencing him to unemployment.
I went to work on my first real job at 15 years old in 1954 at 55 cents an hour. I was probably worth about 35 cents an hour. I had to learn what it meant to have a job. I learned and came to grips with the fact that being a soda jerk at King Morgan Drug Store would never yield a living wage nor was it a career position.
If the statutory minimum wage is really effective at raising real wages (A real wage rate is a nominal wage rate divided by the price of a good and is a transparent measure of how much of the good an hour of work buys. It provides an important indicator of the living standards of workers, and of the productivity of workers) why are we screwing around with miniscule amounts, e.g., $9.25? Why not go for $92.50 so that everyone can be “rich?”
Assuming the existence of homo economicus (A cornerstone of the neoclassical economics approach, particularly in microeconomics. In modern economics, the neoclassical theory rests on three assumptions: rational decisions, maximization of utility, and a self-interested orientation) as the default employer, how does the 15-year-old or an occupationally immature adult learn what it means to have a job?
Nota bene, homo economicus will not pay for labor at a rate higher than its value. No law can increase the value of...
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