Monday, January 23, 2006


Just look at the graph

This chart is not arbitrary and it's not a product of useless theory.

It says "if you have a minimum wage above the equilibrium wage, you will have a labor surplus." That means unemployment.

If you can find data that say otherwise, then that is still very interesting, but something else happened. Odds are good you aren't talking about a minimum wage that is above equilibrium if there is no unemployment as a consequence.

What are those little things next to the numbers on the y-axis?

Is it some crazy Euro thingy?
I think it's the symbol for the British pound, but I figured the currency was unimportant to the argument.

Side note: we should use more pictures. It was pretty easy to do and I think they're easy on the eyes.
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