Given the current debate about raising the minimum wage, it’s worth considering the wage’s implications. After all, as Thomas Sowell is fond of saying, whatever the statutory minimum wage, the real minimum wage will always be zero. Employers, in other words, always have the option of not hiring at all.
Anyway, a related trivia question. Name (at least) two developed countries that currently have no legal minimum wage. For bonus points, cite their current unemployment rate.