In summary, economists are not unconcerned about unskilled workers, we are actually very concerned about those workers. And it is because of that concern to maximize employment opportunities that economists oppose the minimum wage. Simply put, we would rather see unskilled workers employed at a market wage – even if that wage is only $5, $6 an hour – that allows them to gain valuable work experience and on-the-job training, than to be unemployed at $0.00 an hour. And unfortunately, a $15 minimum wage maximizes the probability that an unskilled worker will be unemployed at $0.00 an hour instead of being gainfully employed.
– Prof. Mark Perry (Ph.D, economics)
(H/T: Cafe Hayek)
