There are many reasons to oppose raising the minimum wage. Most importantly, by increasing the cost of labor a mandated wage hike causes employers to lay off workers and reduce remaining employees’ working hours. The tragic fact about the minimum wage is that, though it is intended to alleviate poverty, it all too often makes people poorer.
In reality, absolutely no one is paid according to the “objective” value of his or her work. Even if a supposedly objective value could be ascertained, it would be irrelevant to a discussion about market wages. As David Youngberg has recently written, under a free enterprise system, “Your income is determined by the scarcity of your contribution.” The more people willing and able to do your job, the lower your income will be, and vice versa.
https://fee.org/articles/how-not-to-argue-against-the-minimum-wage/
In reality, absolutely no one is paid according to the “objective” value of his or her work. Even if a supposedly objective value could be ascertained, it would be irrelevant to a discussion about market wages. As David Youngberg has recently written, under a free enterprise system, “Your income is determined by the scarcity of your contribution.” The more people willing and able to do your job, the lower your income will be, and vice versa.
https://fee.org/articles/how-not-to-argue-against-the-minimum-wage/