Economic Analysis of Business Practice
Interestingly I have had this conversation with my mother over the years as she has been a staunch supporter of raising the minimum wage. We used the fast food industry as an example frequently. Interestingly the theory I had was that companies will simply look to automation in order to replace employees if the price becomes economical. McDonalds (and possibly others) have done just that. I would be in favor of abolishing it completely. Essentially when the minimum wage is raised, everyone making more than the minimum wage effectively gets a pay cut.
I found this article interesting, that on July 1, 2017 there were multiple cities that raised their minimum wages: http://fortune.com/2017/06/26/minimum-wage-increases-los-angeles/ One of the thoughts in the video posted in the blog was that small companies would be affected, however, most of these wage increases did not include companies with 25 employees or fewer.
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