Video of Milton Friedman explaining why there are no helpful features of minimum wage laws.
Who is hurt? People whose skill sets have economic value less than the arbitrary minimum wage. Those people will be unemployed.
[youtube=http://www.youtube.com/watch?feature=player_detailpage&v=hY0t4Q-TyPI#t=7]
Some key ideas from the video:
Where do minimum wage laws come from? He says in general well-meaning sponsors and special interests push items that hurt people.
A few of my favorite quotes from the video:
Employers must discriminate against people who have low skill.
The consequence have been almost wholly bad: to increase unemployment and increase poverty.
In my opinion, there is no positive objective achieved by minimum wages.
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