The economics of the minimum wage.

From: South Dakota Business Review | Date: September 1, 1989| Author: Johnson, Dennis | Copyright information

THE ECONOMICS OF THE MINIMUM WAGE

The Fair Labor Standards Act of 1938 established a minimum wage of twenty-five cents per hour and covered approximately forty-four percent of the work force. Since that time the act has been amended eight times, each amendment increasing the nominal minimum wage and also usually increasing coverage. By the late 1980's the minimum wage was at $3.35 per hour and covered over 90% of the nation's nonsupervisory workers.(1)

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