The notion of a minimum wage is not in step with reality
3 May 2018
The notion of a minimum wage may sound like an honourable way to uplift the poor, but it is not in step with reality.
Comprehensive research on minimum wages has been conducted all over the world, even by the World Bank, and it was found time and again that it is less damaging and more feasible to stimulate the economy so that it can grow, which will lead to increased job creation that will, in turn, result in higher wages.
In essence, the prerequisite for economic growth is increasing economic freedom. With greater market freedom comes less inequality.
The national minimum wage will have disastrous consequences and will not result in the sustainable upliftment of workers. In reality, the following may take place instead: