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Description
- Overview:
- A higher minimum wage would provide higher income for low-wage workers but also likely reduce job opportunities. Some of the reduction in job opportunities would occur from employers automating job tasks to replace more expensive human labor. The November 2021 issue of Page One Economics® explains how a higher mandated wage may lead some firms to substitute capital for labor.
- Subject:
- Finance, Economics
- Level:
- High School, Community College / Lower Division, College / Upper Division
- Material Type:
- Lesson, Reading
- Author:
- F. Mindy Burton, Scott Wolla
- Provider:
- Federal Reserve Bank of St. Louis
- Provider Set:
- Page One Economics
- Date Added:
- 11/01/2021
- License:
- Educational Use Permitted
- Language:
- English
- Media Format:
- Downloadable docs
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