Comment 28378

By A Smith (anonymous) | Posted January 30, 2009 at 13:04:52

Ryan, >> It's not an exact science, as the evidence clearly demonstrates. The important thing for policy is to get the minimum wage into the right ballpark. The prudent solution, IMHO, is to do as the more successful jurisdictions have done and increase the minimum wage incrementally, observing effects on employment rates as you go.

Therefore, if your argument is that minimum wage rates should be set according to unemployment levels, this means that they are currently to high. If we want full employment (say 3-4% unemployed), we should allow the minimum wage to fall until this number is hit. This sounds like a better idea than simply moving wages in one direction.

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