> People whose labor is worth less than the minimum wage become unemployable. Being unemployed means you can’t acquire skills or experience and is bad for your mental health and social attachment.
Could being employed on a low wage also have it's own negative hedonic consequences? I suppose you have answered the question: 'What happens if you change this single lever of minimum wage in terms of employment?' But whether it is harmful also depends upon other government economic policy, specifically welfare. The trade-offs for minimum wage, in this light, don't exactly speak of how it is 'harmful' in an ethical sense, but it's specific effect on unemployment.
In terms of minimum wage and how it harms the economy, it would be interesting to know if a higher minimum wage has as effect on Economic Complexity and whether that would have a net benefit to an economy?
Could being employed on a low wage also have it's own negative hedonic consequences? I suppose you have answered the question: 'What happens if you change this single lever of minimum wage in terms of employment?' But whether it is harmful also depends upon other government economic policy, specifically welfare. The trade-offs for minimum wage, in this light, don't exactly speak of how it is 'harmful' in an ethical sense, but it's specific effect on unemployment.
In terms of minimum wage and how it harms the economy, it would be interesting to know if a higher minimum wage has as effect on Economic Complexity and whether that would have a net benefit to an economy?
https://en.wikipedia.org/wiki/Economic_Complexity_Index