Some Teens Are Only Earning $4.25 an Hour
Nicole Dieker

What’s more likely? Employers boosts the wage of teenagers (the youngest, least experienced, and least productive workers in the workforce) to match the current minimum wage or simply decides not to hire them?

Wage and price floors and ceilings don’t work and are economically inefficient. And if you set the floor too high or the ceiling too low, then you can wreck the price signals in a market system. In the worst case, you can get something like Venezuela or Zimbabwe.

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