Likewise, if the minimum wage were to be set below the market price, this would create a shortage. A lower minimum wage would result to competitive bidding, which would in turn raise the wage destabilizing the market further.
The utilitarian argues for market intervention such as setting price floors – minimum wage. They hold that it is incumbent on the government or the relevant authority ought to set a minimum wage for all employees to protect them from the tyranny of forces of demand and supply. Echoing the same, proponents of Kant’s morality would argue that it is an essential ethical requirement to protect the worker through compelling the employee to pay them a minimum wage – ethical utilitarianism (Starr, 1981).
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