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bonzo. that book you just wrote completely fails to account for the overall supply of jobs relative to the supply of labor. AKA, the unemployment rate is caused by too many laborers chasing too few jobs. the wage rate is a pittance as compared to this imbalance.
your right. the minimum wage is higher then the market will bear given this discrepancy. There would be more "jobs" without one. that may be great for the "job creators" & the yacht owners. But the little guy will basically be slaves. So i would argue there is a social benefit for the poor with the minimum wage, even if the natural rate would be lower.
this is why repubs fail at economics. They fail to see the lessons of the late 1800's monopolies, that unfettered capitalism is a trickle up system that ultimately creates a few john d rockellers & a nation of poor people.
as bud fox once said in a good movie, how many more yachts can you buy before your happy?
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