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Thread: Should minimum wage rates be abolished?

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    Politics.ie Member Amnesiac's Avatar
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    Default Should minimum wage rates be abolished?

    Conventional economic theory argues that minimum wage rates prevent lower-skilled workers from obtaining jobs. If your work is less valuable to an employer than the cost of employing you, then you won't be hired. In this way, minimum wage rates harm the very people they are designed to protect.

    Do you agree with this thinking? Should minimum wage rates be abolished?

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    No. In fact the reverse. Minimum wage should be increased to help the poor.

    There is little evidence that this is bad for jobs.

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    Politics.ie Member cabledude's Avatar
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    Quote Originally Posted by Amnesiac View Post
    Conventional economic theory argues that minimum wage rates prevent lower-skilled workers from obtaining jobs. If your work is less valuable to an employer than the cost of employing you, then you won't be hired. In this way, minimum wage rates harm the very people they are designed to protect.

    Do you agree with this thinking? Should minimum wage rates be abolished?
    What do you think?
    Stand there in silence, look up to the sky and remember how brave they were.

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    Absolutely, totally and unambiguously NO.

    A society of standards should never tolerate or facilitate exploitation. The minimum wage is not going anywhere. It is as fundamental a part of society as the right to a pension, the right to social welfare and the right to education. We are never going back to the days when those things did not exist.

    Get over it.

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    Politics.ie Member jo9jo's Avatar
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    Reducing/eliminating the minimum wage would lead to many workers being under the breadline and their wages would need to be supplemented by the taxpayer.

    I.e., their jobs would be subsidised by the tax payer.
    This 'saving' would land in the packet of the employer.

    No way should the minimum wage be reduced.

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    Politics.ie Member USER1234's Avatar
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    Quote Originally Posted by Amnesiac View Post
    Conventional economic theory argues that minimum wage rates prevent lower-skilled workers from obtaining jobs. If your work is less valuable to an employer than the cost of employing you, then you won't be hired. In this way, minimum wage rates harm the very people they are designed to protect.

    Do you agree with this thinking? Should minimum wage rates be abolished?
    NO

    because it would lead to people who are desperate for a job with no choice but to take extremely poor paying job which amounts to virtual slavery

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    Politics.ie Member Red_93's Avatar
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    I assume many of those who would be in favour of minimum wage abolition would also be in favour of the abolition of most if not all social welfare and housing and the privatisation of health and education?

    That is to say, they would like to see those less fortunate than them rot in the street.

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    Politics.ie Member duthealla's Avatar
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    Quote Originally Posted by Amnesiac View Post
    Conventional economic theory argues that minimum wage rates prevent lower-skilled workers from obtaining jobs. If your work is less valuable to an employer than the cost of employing you, then you won't be hired. In this way, minimum wage rates harm the very people they are designed to protect.

    Do you agree with this thinking? Should minimum wage rates be abolished?
    Conventional, and basic firs year economic theory says that in a highly stylised world with all things being equal minimum wages leads to excess supply with not enough demand ie people hiring.

    Problem is that is first year economics to give a hint about price floors and so on. Some light is added with the following report which ultimately found that in the UK the minimum wage increases didnt impact employment.

    This 295 page report would appear to contradict the expected result from a simple price floor model you'd see in a first year econ book but maybe thats because its just a simple stylised, incomplete, first year teaching tool rather than the final answer.

    I dont by the way expect this in any way to change the opinion of those who know just know those three lines on a little diagram tell more about the real world than those 295 pages.

    http://www.lowpay.gov.uk/lowpay/repo...i-Min_Wage.pdf

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    Politics.ie Member Amnesiac's Avatar
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    Quote Originally Posted by factual View Post
    No. In fact the reverse. Minimum wage should be increased to help the poor.

    There is little evidence that this is bad for jobs.
    That's not really true. Both sides of this debate have presented a lot of evidence. There is no consensus.

    Quote Originally Posted by cabledude View Post
    What do you think?
    I think the theoretical argument against minimum wages is sensible. I have yet to heard a convincing alternative explanation. I'm not a labour economist, and I don't know the empirical work at all. I do know that this is a very contentious debate.

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    Quote Originally Posted by Amnesiac View Post
    Conventional economic theory argues that minimum wage rates prevent lower-skilled workers from obtaining jobs. If your work is less valuable to an employer than the cost of employing you, then you won't be hired. In this way, minimum wage rates harm the very people they are designed to protect.

    Do you agree with this thinking? Should minimum wage rates be abolished?
    What's the basis for conventional economic theory saying minimum wages should be abolished ? economic theory has a pretty shaky tie in to reality so i wouldnt assume anything it recommends is a good idea

    without a minimum wage, in a market where there are more labourers than employers, then wages will go down, possibly below poverty levels. why would we want to allow that ?

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