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NEW: How Higher Minimum Wage Leads to Higher Unemployment

How Higher Minimum Wage Leads to Higher Unemployment
Via ronaldgrey.com » Submitted On Fri, 02/15/2013 - 12:04pm by Ronald Grey

Elementary economics considers the relationship between supply and demand. But it can't be what Barack Obama considers when pandering to the masses with his recommendation that Congress mandate a higher minimum wage. Tending Toward Equilibrium For example, the above-left figure shows a hypothetical free market at equilibrium: a quantity of 7 employees are demanded and supplied to employers for a price of $30 each.

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