Do minimum wage laws have the opposite effect than intended?

Question

I'm currently trying to back up my opinion on minimum wage laws with some type of source... I'm reading Milton Friedman's Capitalism and Freedom for my PHI 110 class & am having a bit of trouble understanding some of the content since I'm only a junior in high school. I know that these laws do in fact induce poverty, but I just wanted to find a good way to form a solid paragraph backing up my opinion. Thanks!

Answer 1

In a word, yes. Raising the minimum age is always inflationary, which means common things cost more, which means the new minimum wage is no longer adequate. it is a vicious cycle. as Milton Friedman will tell you. Hope this helps.