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Price Floors in the Labor Market: Living Wages and Minimum Wages

In contrast to goods and services markets, price ceilings are rare in labor markets, because rules that prevent

people from earning income are not politically popular. There is one exception: boards of trustees or

stockholders, as an example, propose limits on the high incomes of top business executives.
94 4 • Labor and Financial Markets

The labor market, however, presents some prominent examples of price floors, which are an attempt to

increase the wages of low-paid workers. The U.S. government sets a minimum wage, a price floor that makes it

illegal for an employer to pay employees less than a certain hourly rate. In mid-2009, the U.S. minimum wage

was raised to $7.25 per hour. Local political movements in a number of U.S. cities have pushed for a higher
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