Minimum wage and price floors발음듣기
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Minimum wage and price floors
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In all of these videos, whether we're talking about renting units or hiring people, these are huge oversimplifications, but we're doing it in this way so we can apply some of these basic ideas that we're being exposed to in this survey of microeconomics, so that we can apply those basic ideas to real world things.발음듣기
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It's important to realize we're making huge oversimplifications and often times the real context can be more complicated or a little bit nuanced, but it gives us a way of thinking about things.발음듣기
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This is the unskilled labor market, so people who don't have any specific training or experience for a given job.발음듣기
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Once again, we have this little gap here, so we can jump to 20 million hours, 21 million hours.발음듣기
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It's important to realize, when we think about demand in the labor market, we're not talking about individual consumers, we're talking about employers.발음듣기
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In most cases, demand comes from individual consumers, but now the demand is coming from employers.발음듣기
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The supply is coming from the people who provide labor, so now it's coming from individual workers.발음듣기
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Let's just say that this market starts off completely unregulated, so it has a natural equilibrium price or equilibrium wage at $6 an hour and an equilibrium quantity of labor supplied, which is 22 millions of hours per month.발음듣기
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The government does not like it and maybe many of their voters are people making that wage, so they say, "Hey, you know what?발음듣기
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We are going to pass a law, minimum wage, that says any employer has to pay at least $7 an hour."발음듣기
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Since the price floor, this minimum price, is higher than the actual clearing price, it's going to distort the market.발음듣기
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They're going to say, "I can only afford now 21 million hours of labor," but if you look at the workers they're going to say, "Gee, if I can make $7 an hour, more people are going to be willing to work."발음듣기
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There might be someone who's retired and now, at $6 wasn't enough for them to come out of retirement, but $7 is.발음듣기
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Maybe a stay at home parent now says $7 is enough for them to come out of retirement or not stay at home anymore.발음듣기
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At $7 an hour, people will be willing to supply that much labor, but what's going to happen in this situation right over here?발음듣기
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In this situation you have all of these people who want to work, but there's only demand for this much work.발음듣기
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Another way to think about it, there's only jobs for 21 million people now and now 23 million people want to work.발음듣기
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You're going to have 2 million people who are, by the classical definition of unemployed, people who are looking for work who can't find work now.발음듣기
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Once again, this is completely oversimplified, because at this point right over here, based on the way I just viewed that, you would have no unemployment and we all know even when the economy is humming maximumly and there's no regulation,발음듣기
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there is some unemployment, just due to frictions in the market, people just randomly quitting jobs or looking for a new job, so you could almost view this as excess unemployment.발음듣기
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Or you could view this as just a very oversimplified model and in the ideal world you'd get close to zero unemployment.발음듣기
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Now you have more people looking for jobs, because the wages have gone, but fewer jobs, because the employers are forced to pay more.발음듣기
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If we make all of these assumptions in the model and you just want to say how many fewer jobs are there, because this, obviously, we're talking about more people even looking for jobs because the perceived wages have gone up.발음듣기
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In the absolute level, based on these linear supply and demand curves, before there was demand for 22 million jobs and that was what the quantity demanded was and that's also where the quantity supplied was, but now its only 21 million.발음듣기
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This entire area was the total surplus and it was being divided between the consumer surplus and the producer surplus.발음듣기
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This was the benefit above and beyond the opportunity cost that the workers were getting was this area right over here that I'm doing in dark white or filled in white and the consumer surplus or the employer surplus here was the value that the employers were getting above and beyond the price that they had to pay.발음듣기
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Now, in this situation of a minimum wage, now this is the set price, this is the quantity of labor that is demanded.발음듣기
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Let's see, this height right over here is 1 million hours per month, so it's going to be 1 million.발음듣기
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If we just multiply these, we get this whole rectangle for the area of the triangle, we multiply it times one half.발음듣기
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That gives us exactly 1 and the units are dollars per hour times millions of hours per month, gives us millions of dollars per month.발음듣기
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It becomes $1 million per month of surplus, of benefit above and beyond, of total benefit that is lost to this market because of this regulation, if you assume all of the things in this model.발음듣기
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Just like we talked about in the last video, we have a $1 million per month dead weight loss.발음듣기
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Because the price is set up over here, for the people who are working those first 21 million hours per month, their producer surplus has now increased, because the space between what they're getting and their opportunity cost has now increased.발음듣기
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For those lucky enough to actually have a job, those workers now do have a higher surplus, but for those employers, which is on the demand side right now, who are employing those first 21 million hours of labor, they now have a smaller consumer surplus or demand surplus or employer surplus right there.발음듣기
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