If the government mandates an increase in the minimum wage, will it reduce the number of jobs available? Simple economic principles suggest yes — the more expensive to provide jobs, the fewer employers will provide. But simple economic principles don’t always win out in the real world.
The article linked below from MPR highlights a modest shift in economic theory that’s better supported by real-world data and experience. What we’re starting to acknowledge is that modest wage increases don’t reduce jobs, but if the increase is too big, it will.
And while this isn’t a specifically Minot story, the minimum wage was a topic in the legislature this session. The action: the legislature removed authority for cities and local jurisdictions to set their own minimum wages. Effectively, this makes the state legislature the final and only wage setting authority in North Dakota.
