[AUDIO] First and foremost I don't oppose the minimum wage. My idea about the minimum wage is that politicians want to raise it every so often just to say their thinking very much about the working people. When they do raise it to score political point I just wonder if they're only hurting working people, especially the unemployed ones.
This is what this high school seminar out of Chicago courtesy of Mises Institute seeks to answer. Not that I believe minimum wage in and of itself keeps you from getting a job, but continuing to raise it will do the trick. Near the end of this half-hour presentation the lecturer, Walter Block, asks why the minimum wage isn't $700/hr as opposed to $7/hr?