We are going to tackle the minimum wage issue with facts, figures, economic laws, and logic rather than, what we usually get - emotional calls for the wage rate increase using illogical arguments that are in direct opposition to economic law.

I want to start with a quote by Thomas Sowell from his epic book, Basic Economics that really lays the foundation for this discussion. On page 237 he said:

“By the simplest and most basic economics, a price artificially raised tends to cause more to be supplied and less to be demanded than when prices are left to be determined by supply and demand in a free market. The result is a surplus, whether the price that is set artificially high is that of farm produce or labor.”

Show Notes:

• The Real Minimum Wage is $0.00 - New York Times, January 14, 1987

Fee.org

• How Shake Shack is Dealing with Minimum Wage
  

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