Minimum wage laws can benefit the economy from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
Minimum wage laws are often criticized for potentially causing negative effects on the economy. However, it is important to consider the potential benefits that these laws can bring. By setting a minimum wage, the government ensures that workers are paid a decent wage for their labor. This can lead to increased consumer spending as low-income workers have more money to spend on goods and services. In turn, this can stimulate economic growth as businesses experience an increase in demand for their products. Moreover, when workers are paid a higher wage, they are more likely to stay in their jobs for longer periods of time. This reduces turnover rates and the costs associated with hiring and training new employees. In addition, p...
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