A minimum wage is a government-mandated wage control that takes negotiating power away from workers and employers. There is a rare near consensus among economists that binding price controls distort economic activity, but politics often gets in the way of seeing the fallacy of a wage control. Setting a minimum wage floor above a market wage results in unemployment, especially for low-skilled workers. It also slows future job creation and pushes unemployed workers who would take a wage at less than a minimum wage into long periods of unemployment and dependency on family or taxpayers.
(Not) Cheaper by the Dozen | Debunking 12 Common Myths About Higher Education
(Not) Cheaper by the Dozen | Debunking 12 Common Myths About Higher Education Myth 1: A’s and B’s Are Marks of Distinction in College, With C’s Signifying Average Performance. Reality: According to GradeInflation.com, as well as other later surveys, in the early 1960s, the percentage of A’s awarded in colleges nationwide was 15%. But today,...