When the price of a thing goes up, people buy less of it. We experience this every day when buying groceries, gasoline or anything else. So why are people surprised when it applies to the labor market?
Dr. Michael Podgursky opened his presentation by reviewing the recently released Show-Me Institute video about the impact of the minimum wage in Saint Louis's Dutchtown neighborhood. He then spoke on the side-effects of the recent minimum wage increase in Saint Louis City and the impact it has on the workers it is intended to help. His slides are available below.