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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (859539)5/25/2015 9:08:40 PM
From: TimF  Read Replies (1) of 1575632
 
You grandson isn't the marginal worker.

Changes in price, including the price for labor, effect demand at the margin. Minimum wage increases hurt those at the margin by putting them under it, might help those just above the margin (by increasing their wages without causing them to lose their job, assuming that the business doesn't go under, or cut back, or that they aren't out competed by higher skilled employees taking a job they wouldn't in the past because of a higher wage now on offer), probably hurts those who would have made above the new margin but not well above (some business will go under or not form or not expand giving them fewer choices, while other will raise prices, making things more expensive), and probably have little effect on those who's skills can support compensation of large multiples of the new minimum (they face higher prices, but not enough to make much of an impact on them since they are very well off).
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