Let it be known to all of those who bear witness to this page that I am the progenitor of this logical fallacy in economics. If memories fade to past and those who wonder where did this exist if it decides to become popular: I am.
Banana Stand Fallacy – The logical fallacy in economics that business owners (no matter if small or corporation) is always flush with a lot of money, making any arguments about why they ought not to raise the minimum wage null and void. For after all…
Peruse some tales of unintended consequences of minimum wage laws:
http://thefederalist.com/tag/minimum-wage/ – Further compendium of minimum wage articles by the Federalist
https://reason.com/tags/minimum-wage – And of course Reason Magazine
Now some people may grouse and say, “Well if businesses don’t want to give people a living wage, then they shouldn’t have gone into business in the first place.” Of course that always assumes that people starting a business are ALWAYS in a position of power, and are immune to a number of variables that may come up from their business decisions.
But hey, that doesn’t matter. Because as always…