Aug 9, 2017 · 1 min read
Nowhere did I state that employers hire workers they don’t need.
Wages most certainly affect the demand for hiring workers. You’re not going to hire a worker if the value they produce is less than what you have to pay them. The higher the wage, the more value the worker has to produce to justify their expense.
If minimum wage triples, then some people are going to lose their jobs. Those who still get to keep their jobs benefit while those who lose their jobs suffer.
Price floors causing deadweight loss is Econ 101, and follows from basic logic.
