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The Minimum Wage Is an Example of a Price Floor

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The minimum wage is an example of a price floor in the labor market.


Definitions:

Richard von Krafft-Ebing

A 19th-century Austro-German psychiatrist and author known for his research on sexual behavior and psychopathology.

Phallic-Stage Boy

A term from Freudian psychoanalysis referring to a developmental stage in boys, roughly ages 3 to 6, focused on genital fixation and identification with the same-sex parent.

Castration Anxiety

In Freudian theory, the belief that the father will cut off the child’s penis because of competition for the mother/wife.

Sigmund Freud

An Austrian neurologist who is known as the founding father of psychoanalysis, a method for treating psychological pathology by means of dialogue between the patient and a psychoanalyst.

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