Living Wage: Why it doesn't work (later, why it does)

Greg Mankiw, economics professor at Harvard, gives a terse explanation of why a "living wage" will not, has not, and never will, work.



Later (tomorrow, later today, right before Hell freezes over?), I'll give an opposing viewpoint.



I do have to say, with economics as my background, though not my chosen profession, I have to side with Greg, with one notable exception (that I will explain later).



Greg Mankiw's Blog: Living Wage Redux