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Minimum Wage in the UK - Reality V Theory
Ok. Ill try and make this brief, because this is as much a question as anything.
In the UK the minimum wage bill was introduced in 1997 - and came into law in 1998. At the time there was te usual arguments about how the min wage introduction will create more unemployment. This has been proven to not be the case. Both after its introduction (though there was an initial market reaction) and therafter on its increases. When anyone trys to use the UK as a case study it is often shot down as being irrelivent to the US. I believe that at a certian point a higher min wage will harm jobs, but at more than £5 we have yet to find that figure. So, lets cut through the BS - why do you guys believe this to be an irrelivent point in arguing the case of the minimum wage? What is different in what is done over here than what is done in the US? Im no economist, so my theoretical knowledge is pretty low, but i do know the min wage didnt collapse the UK economy. |
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