Final answer:
Thomas Sowell and Walter Williams highlight the negative societal impacts of minimum wage increases, such as job losses which may outweigh the wage gains for other workers. The societal impact varies depending on the demographics most affected by job losses.
Step-by-step explanation:
Thomas Sowell and Walter Williams both argue that the minimum wage has undesirable effects on society. They contend that while some individuals may benefit from an increase in earnings, there are negative side effects such as job losses. The question of whether the gains for those who receive wage increases outweigh the losses for those who become unemployed is complex and depends on several factors, including which demographics are most affected by job losses.
For instance, if those losing jobs due to minimum wage hikes are primarily individuals struggling to support families, the loss for society could be profound. In contrast, if job losses are limited mostly to high school students working for extra money, the societal impact might be viewed differently. The debate circles around the balance of economic gains versus the repercussions on employment and individual livelihoods.