Economics, Social Justice
Symbolic Politics is Morally Repugnant
In textbook neoclassical economics, the minimum wage is expected to cause unemployment among the least productive workers. Various economists from a wide range of ideological backgrounds dispute this. Perhaps I do too, so there is no need to argue with me about minimum wage law.
You may have seen this before. It’s worth a look:
Reasons for Supporting the Minimum Wage: Asking Signatories of the “Raise the Minimum Wage” Statement
Abstract
In October 2006, the Economic Policy Institute released a “Raise the Minimum Wage” statement signed by more than 650 individuals. Using an open-ended, non-anonymous questionnaire, we asked the signatories to explain their thinking on the issue. The questionnaire asked about the specific mechanisms at work, possible downsides, and whether the minimum wage violates liberty. Ninety-five participated. This article reports the responses. It also summarizes findings from minimum-wage surveys since 1976.
Bernard Wasow explains why he defends the minimum wage:
A low cost demonstration of concern for low wage workers that causes little damage. Elicits a buy-in by low wage workers to the polity.
Imagine I wanted to symbolize my concern for poor orphans. In order to show concern, I proposed to tax orphans ever so slightly and built a statue called “The Plight of Orphans” in the public square. Wouldn’t that be morally repugnant? Imagine this is my defense:
A low cost demonstration of concern for orphans that causes little damage. Elicits a buy-in by orphans to the polity.
Why not try to elicit a buy-in by helping the orphans instead?