Re: Summary != Summary on website
There are two ways in which minimum wages can work. If you set it at a level of around 60% of median earnings (as in the UK), then it has very little effect on either wages (because employers would need to pay that much to recruit anyone) or unemployment. Or you can set it a significantly higher level, in which case it increase wages for some low earners, but also increases unemployment as people are replaced by automation or jobs move to cheaper locales. Because if you increase the cost of something, people will buy less of it. Who knew?