Manfred comments on A potentially great improvement to minimum wage laws to handle both economic efficiency as well as poverty concerns - Less Wrong

0 Post author: VijayKrishnan 26 July 2011 12:07AM

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Comment author: Manfred 26 July 2011 02:45:08AM *  1 point [-]

Minimum wage has the side effect of leaving unemployed, the people who do not possess the requisite skill to command the minimum wage in the market. This follows from basic micro-economic theory

This is not technically true. Even in idealized economics, stuff gets non-basic quite quickly.