Professor William Boyes understands why his students feel the way they do about the federal minimum wage -- why they seem to universally believe that the minimum wage is a good thing. It's a good thing for them; a good thing for workers across the country; a good thing for the economy as a whole.
There's just one problem, Boyes says. He thinks they're wrong. Convincing them, he admits, is no easy task.
"They're always surprised when I tell them that the minimum wage hurts them," says Boyes, a W. P. Carey professor of economics who explores the minimum wage in class. "They always say something like, 'Oh thank God for the minimum wage -- I just wish it was $20-an-hour so I could get more money.' And I have to tell them, 'No, if it was $20-an-hour, you wouldn't have more money. Because you wouldn't have a job.'"
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