The minimum wage for fast food workers in California has been raised to $20 an hour, challenging the traditional understanding of labor market dynamics. This move recognizes the power of fast food restaurants to set wages and employment levels below the standard economic theory.
On Monday, the minimum wage for fast food workers in California increased to $20 an hour, 25% above the state's previous level. This move challenges the traditional understanding that increasing labor costs leads to reduced employment. Fast food restaurants have the power to set wages and employment levels below the standard economic theory .
The modern theory recognizes employers' wage-setting power and suggests that a higher minimum wage can help overcome this power, ultimately benefiting both pay and employment
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