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A comment on What harm do minimum wages do?. Parent comment

Re:What harm do minimum wages do? by baddox on Wednesday August 19, 2020 @03:45PM (#24215314)
Perfect competition is definitely taught as a concept, mostly as a benchmark to measure real-world markets against, but I don’t think it’s literally an assumption of everything you learn in Econ 101.
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Re:What harm do minimum wages do? by mcguire on Wednesday August 19, 2020 @04:16PM (#24215740)
Most of the theoretical results of basic economics (i.e. Econ 101) are built on really sketchy assumptions, including perfect competition. I recommend Steve Keen, Debunking Economics, for one amusing reference.
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