Posted by Frank Manzo IV
Labor economists have explained that lower job turnover is one of the reasons why raising the minimum wage has very little impact on employment, contrary to classical economic theory. … They found that separations, new hires, and turnover rates declined significantly after a minimum wage hike.
Prevailing wage is essentially a minimum wage for public construction. Prevailing wages reflect local labor standards and require that contractors pay workers at least the rate established in the private marketplace through competitive practices. …