Chapter 4 Read, Respond, Reply

The ironic thing about raising the minimum wage is the fact that it harms the people it is trying to help. If the minimum wage is raised, business owners and entrepreneurs will hire less employees and give them less hours to make up for all the money they are giving away. Rent control is similarly ironic because it helps nothing in the long run. Owners of apartments will be less inclined to help with repairs and basic necessities of the building, eventually leading to the building falling into disrepair. To sum it up, people should leave prices alone and let them come equilibrium themselves because adding price floors or ceilings does not solve anything.