Changes

More than 90% of countries—most of which have unsuccessful economies—have minimum wage laws.  The minimum wage in the United States was most recently raised to $7.25/hr, on July 24, 2009. At this rate, a worker can earn at least $15,080.00 for the year based on a 40-hour work week, and more if he works overtime.  The minimum wage is higher in many states, such as [[New Jersey]], due to state minimum wage laws. The national minimum wage laws are based in the powers vested in Congress by the [[Commerce Clause]].  

More than 90% of countries—most of which have unsuccessful economies—have minimum wage laws.  The minimum wage in the United States was most recently raised to $7.25/hr, on July 24, 2009. At this rate, a worker can earn at least $15,080.00 for the year based on a 40-hour work week, and more if he works overtime.  The minimum wage is higher in many states, such as [[New Jersey]], due to state minimum wage laws. The national minimum wage laws are based in the powers vested in Congress by the [[Commerce Clause]].  

Like all market forces, wages are payed based on interactions between the supply curve (how much workers are willing to supply a particular type of labor at a certain wage) and a demand curve (how many workers of a particular type a firm is willing to hire at a particular wage). Wages are typically set at [[equilibrium]]. If a minimum wage is imposed that is above this equilibrium, it leads to structural [[unemployment]]. If a minimum wage is set below the equilibrium point, it is unlikely to affect that job's wage unless a complement or substitute job's equilibrium wage is less than the minimum wage (causing ripple effects throughout the related markets).

Like all market forces, wages are paid based on interactions between the supply curve (how much workers are willing to supply a particular type of labor at a certain wage) and a demand curve (how many workers of a particular type a firm is willing to hire at a particular wage). Wages are typically set at [[equilibrium]]. If a minimum wage is imposed that is above this equilibrium, it leads to structural [[unemployment]]. If a minimum wage is set below the equilibrium point, it is unlikely to affect that job's wage unless a complement or substitute job's equilibrium wage is less than the minimum wage (causing ripple effects throughout the related markets).

Minimum wages also distort the equilibrium for non-wage benefits, potentially causing employers to provide less training, uniforms, opportunity for promotion, and pleasant working conditions, both as a way of offsetting their losses from the wage increase and because the excess labor supply from unemployment lowers the disincentive for turnover.  

Minimum wages also distort the equilibrium for non-wage benefits, potentially causing employers to provide less training, uniforms, opportunity for promotion, and pleasant working conditions, both as a way of offsetting their losses from the wage increase and because the excess labor supply from unemployment lowers the disincentive for turnover.