Minimum wage debate

[Beaker]

(03-06-2019, 04:49 PM)fredtoast Wrote: The Korean economy and society is so different from ours it is hard to make direct comparisons.

Also this study claimed that minimum wage increase was the reason college graduates could not get jobs.  That makes no sense because college graduates should not be getting minimum wage jobs.

Production is driven by demand not supply.  If the demand for the service/product does not change then businesses will not cut back on production and go out of business because of an increase in wages.  Does MacDonalds cut back on how many hamburgers they make when the price of beef goes up?

To clarify, I wasn't posting that article as a statement or rebuttal. I simply found it interesting that S. Korea had actually implemented something similar to what was being proposed, and seeing the actual outcome of the policy, not just projections or arguments about what "experts" think would happen. I do agree that the Korean economy is different than the US, but there are also similarities. So I think the info can be useful, but not definitive, in this discussion.