Let me begin by saying I know nothing about economics.
In the past couple of days I've been listening to some lectures by Milton Friedman. They are of non-technical nature. In one of them he makes an argument which I have understood approximately as follows:
Having a minimum wage law is harmful to workers who compete for low paying jobs and are relatively less skillful because it deprives them of their "only weapon" - working for less.
- Do minimum wage laws increase unemployment? Is there any information enabling this comparison?
- Are there purely economic arguments, or empirical evidence, favoring minimum wage laws? Have they in any sense improved the economy?