There is a reasonable argument to be made against the minimum wage in an economy with high unionisation rates in low-paid jobs. Under such circumstances a minimum wage can sabotage collective bargaining efforts and end up as a default wage.
I don't know how well this argument is backed by empirical observations but at least it's a sensible objection to a minimum wage. It's probably not the argument your professor made.
Under such circumstances a minimum wage can sabotage collective bargaining efforts and end up as a default wage
I don't see how as the collective bargaining strength comes from the amount of money they can force the business owner to loose by striking. Which a minimum wage wouldn't effect.
Also a minimum wage would mean that if things are really shit people could leave their job as employers that only pay minimum wage are in competition with other businesses that pay minimum wage for employees
There is a reasonable argument to be made against the minimum wage in an economy with high unionisation rates in low-paid jobs. Under such circumstances a minimum wage can sabotage collective bargaining efforts and end up as a default wage.
I don't know how well this argument is backed by empirical observations but at least it's a sensible objection to a minimum wage. It's probably not the argument your professor made.
I don't see how as the collective bargaining strength comes from the amount of money they can force the business owner to loose by striking. Which a minimum wage wouldn't effect.
Also a minimum wage would mean that if things are really shit people could leave their job as employers that only pay minimum wage are in competition with other businesses that pay minimum wage for employees