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Politics : Ask Michael Burke

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To: Don Lloyd who wrote (91809)	8/24/2001 2:08:14 AM
From: Nadine Carroll	Read Replies (1) of 132070

Don, I'm saying there is a social, as well as a purely economic component to the labor market. The labor market regularly behaves in ways that cannot be simply explained by supply and demand. Why do salaries easily rise in response to labor shortage in some professions, but nursing or teacher shortages must reach crisis proportions before any action is taken? Could it have something to do with the traditional resistance to paying real money to women? As you discussed in a previous post, when we discuss the minimum wage we are not discussing a simple transition from no impact on the market to major job destruction. There is a range which will have no effect on employment, a range which will have minimal effect on unemployment, a range which will affect business models and create labor blackmarkets, a range which will greatly increase unemployment, and a range which will destroy businesses The question is, how do you determine the boundaries of the ranges? And if you believe that it would benefit the country as a whole and the economy to raise the wages of the bottom 30% of the labor force, would it be a sensible public policy to set a minimum wage that had some effect on the labor market?

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