Source: Hoover Institution
“One of the ideas that economists are most sure of is that when the price of something rises, other than due to something that shifts the whole demand curve, the quantity demanded falls. Conversely, when the price of something falls, the quantity demanded increases. This is not controversial in economics. Moreover, it’s so clear that it is part of our mutual understanding, even for non-economists. … The law of demand applies to virtually everything: the demand for steaks, the demand for cars, the demand for houses, and, yes, the demand for labor. That means that when governments raise the price of relatively unskilled labor by substantially raising the minimum wage, the number of unskilled workers employed will fall.” (04/25/24)
https://www.hoover.org/research/high-minimum-wage-laws-hurt-many-workers