What would be the impact if minimum wages were structured

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Question: Professor Donald Boudreaux wrote (Wall Street Journal, 8/23/06, p. A11), that "There are heaps of bad arguments for raising the minimum wage. Perhaps the worst . . . is that a minimum wage increase is justified if a full-time worker earning the current minimum wage cannot afford to live in a city such as Chicago." He then asked "why settle for enabling workers to live only in the likes of Chicago? Why not raise the minimum wage so that everyone can afford to live in, say, Nantucket, Hyannis Port or Beverly Hills, within walking distance of Rodeo Drive?" Should the minimum wage be a "living wage," so a full-time worker can live comfortably in a given locale? What would be the impact if minimum wages were structured this way?

Reference no: EM131482974

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