Shut up and take my money this is the roles MR Y SAYS
• AT THE FACTORY IF YOU ASK HIM HILL TELL YOU IT'S A LOUSY JOB HE HAS TO SWEEP UP AND CARRY THINGS AROUND HE ONLY ANN'S $3 AN HOUR EVEN SO MR X PROFESSORS WORKING HERE TO THE ETERNITIES HE SEES FANTASYOF RIGHT NOW ALTHOUGH HIS WAGES LOW MR X APPRECIATES THE INDEPENDENCE AGAINST HIM NEXT WEEK HE'LL LEARN HOW TO USE OF FORMING MACHINE THAT WILL MAKE THINGS MORE INTERESTING THAT'S
• MR Y THE OWNER OF THE FACTORY THE ONLY THING HE REALLY CARES ABOUT IS MAKING PROFIT MR Y WOULD PREFER TO PAY HIS WORK AS A TINY FRACTION OF THE CURRENT WAGES TO KEEP MORE MONEY FOR HIMSELF BUT HE KNOWS THAT WOULDN'T WORK AND CARE IS IN COMPETITION WITH MANY OTHER BUSINESS OWNERS THEY ALL NEED A STEADY SUPPLY OF HUMAN LABOR WHEN DECIDING WHETHER OR NOT TO TRADE WITH AN EMPLOYER WORK HIS CONSIDER WAGES BUT ALSO WORKING CONDITIONS AND OTHER BENEFITS THIS FACTORY SO RELUCTANTLY MR Y AND THE PAY MARKET PRICES FOR THE LABOR HE BUYS IN ANOTHER PART OF TOWN THERE'S A CELEBRATION THIS GROUP OF CONCERNED CITIZENS JUST GOT TO MINIMUM WAGE LOW PAST THEY WERE APPALLED THAT MISERLY EMPLOYERS LIKE MR Y COULD GET AWAY WITH PAYING SO LITTLE TO WORK IS LIKE MR X THE NEW MINIMUM WAGE IS $8 AN HOUR UNFORTUNATELY THIS DOESN'T MEAN THAT EVERYONE IN THE TOWN WENT OUT ON $8 OR MORE WE ALREADY SO HAVING THE EXISTENCE OF COMPETING BUYERS OF LABOR INFLUENCES THE LOWER LIMIT ON WHAT MR Y CAN GET AWAY WITH PAYING HIS WORK AS THE UPPER LIMIT ON WHAT ACTUAL PAY ANY WORK IS THE AMOUNT OF EXTRA REVENUE HE EXPECTS THAT WORKERS LABOR WILL CREATE FOR HIM AND A GIVEN.
• IN OTHER WORDS EMPLOYERS WON'T KNOW I MEAN PAY WORKERS MORE THAN THE EXTRA INCOME THEY GENERATE THEY'D BE LOSING MONEY IF THEY DID THAT SO WHAT DOES THE INTRODUCTION OF THE MINIMUM WAGE LOW MEAN FOR THE WORK IS MR Y'S FACTORY MR T'S WORK GENERATES $18 AN ALPHA AND I WAGE IS $13 AN HOUR FOR EVERY HOUR THAT MR T WORKS FOR MR Y HIS LEFT WITH AN EXTRA $5 AFTER HIS PAID HER WAGE BECAUSE OF IT HIS WAGE IS HIGHER THAN $8 AN HOUR THE NEW LAW DOESN'T AFFECT HER DIRECTLY COPE LABOR AT THE FACTORY GENERATES $9 AN HOUR AT HIS WAGE IS $7 AN HOUR AFTER PAYING MR O'S
• CAN CALCULATE THAT EVEN RAISES MR O WAGE TO NEW MINIMUM OF $8 HELL STILL BE GAINING ONE EXTRA DOLLAR FOR EVERY HOUR OF MR O LABOR AFTER HIS WAGES HAD BEEN PAID ALTHOUGH MR Y WILL PROFIT LESS FROM EMPLOYING MR O AT $8 INSTEAD OF 8 A LITTLE PROFIT IS BETTER THAN NONE POP GETS A RAISE BUT NERO IS BAD NEWS FOR MR X LABOR GENERATES ONLY FULL OF DOLLARS AN HOUR FOR MR Y THE $8 MINIMUM WAGE IS $5 MORE THAN THAT WOULD BE LOSING $5 AN HOUR BY KEEPING MR X ON AT THE NEW LEGAL MINIMUM SO MR X DOESN'T GET A RAISE INSTEAD HE LOSES HIS JOB ACA IS IRRITATED TO MINIMUM WAGE MEANS THAT IF HE WANTS TO STAY IN BUSINESS HE HAS TO EITHER INVEST IN MACHINES DO THE WORK TO ANSWER CODE LABOR IS LIKE MR X WE'RE DOING OH YES TO MOVE PRODUCTION TO ANOTHER COUNTRY FOR MINIMUM WAGE LAWS ON THE PROBLEM AT YOUR BELIEVES BOTH OF THESE OPTIONS A LESS PROFITABLE FOR HIM THAT EMPLOYING LIKE A WORKERS OTHERWISE HE WOULDN'T HAVE HIGH AT MR X ; THE OUTLOOK IS BLEAK LOSING HIS JOB WOULD HAVE BEEN BAD ENOUGH FOR THE MINIMUM WAGE CONTINUES TO DISADVANTAGE HIM EVEN WHILE HIS UNEMPLOYED BECAUSE HES YOUNG AND DOESN'T HAVE MUCH EXPERIENCE AS LIKELY THAT THE EXTRA REVENUE MR X 'S LABOR WOULD CREATE FOR ANY EMPLOYER WOULD BE LOW POTENTIAL EMPLOYERS EXPECT TO LOSE MONEY HIRING MR X AT THE MINIMUM WAGE SO THEY TURNED DOWN HIS APPLICATIONS
• MR WAS GLAD OF HIS FACTORY JOB EVEN WITH ITS LOW WAGE HE HOPED TO BUILD-UP EXPERIENCE WHICH WOULD RAISE HIS PRODUCTIVITY AND GIVE HIM A CHANCE TO MOVE TO BETTER PAID AND MORE SATISFYING WORK FOR THE NEW LAW PREVENTS HIM FROM DOING SO THIS IS WHY THE MINIMUM WAGE HAS BEEN DESCRIBED AS REMOVING THE BOTTOM RUNGS FROM THE ECONOMIC LADDER WHEN WE SEE STATION INTERACTIONS THAT SEEM UNFAIR ONE RESPONSE IS TO DEMAND THAT THE BEHAVIOR WE DISAPPROVE OF BE OUTLAWED BUT WE SHOULD KEEP IN MIND THAT THIS KIND OF INTERVENTION AS CONSEQUENCES SOME PEOPLE SUSPECT THAT PROHIBITING VOLUNTARY EXCHANGE OFTEN DOES MORE HARM THAN GOOD THEY BELIEVED THE PROPER FUNCTION OF LAW IS TO DISCOURAGE THE INITIATION OF FORCE AND THAT WE SHOULD AND CREATE BARRIERS THAT PREVENT PEOPLE DO A WEB SEARCH FOR SOME OF THESE TIMES IF YOU'RE INTRESTED AND LEARNING MORE.
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