From Kevin Williamson at National Review, Magical Thinking about Minimum Wages When Economics 101 tells you something you don’t want to hear, the thing to do is to commission a study. As Ronald Coase observed: If you torture the day
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The excellent and telling graph above is from Mark Perry’s Carpe Diem. The incredible jump correlates very strongly with higher minimum wages that took place in several large urban areas.
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from Carpe Diem and Mark Perry, a simple and effective analogy on the minimum wage, What economic lessons can we learn about the $15 minimum wage law from an ‘$8 per pound minimum beef price law’? Economist Walter E. Williams
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from Cafe Hayek – Quotation of the Day on Minimum Wage The ‘new’ minimum-wage research that commenced in earnest in the mid-1990s is highly appealing to non-economists, for it supports their economically uninformed understanding of markets in general and of
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from Nick Bunker at the Washington Center for Equitable Growth, Monopsony and market power in the labor market: We’ve all heard the term “monopoly,” even if it’s just in the context of the board game. But a related term, or
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from Kevin Williamson at National Review, The Minimum Wage Con: The worst kind of welfare state is the welfare state that is ashamed of itself and therefore feels obliged to pretend to be something it isn’t. Instead of forthrightly taxing
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from Carpe Diem at AEI, Who-d a-thunk it? SF minimum wage increased 14% and local Chipotles just raised prices by 10-14%? by Mark Perry excerpt: “There simply isn’t any magic pot of money that lets employers pay higher wages
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from Carpe Diem, Don Boudreaux’s ongoing, excellent coverage of the minimum wage issue And don’t forget: empirical studies today of the effects of changes today in the minimum wage are biased against finding negative employment results because many of the negative results of
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from 15 Statistics That Destroy Liberal Narratives by John Hawkins in Townhall: Less than 3 percent of the workforce earns the minimum; more than 60 percent of those who do earn it get a raise within a year; more than half of
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from Carpe Diem, Don Boudreaux’s ongoing, excellent coverage of the minimum wage issue
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From the Wall Street Journal, The President of Inequality- Policies promoting equality over growth have damaged both. excerpts: All of this is especially notable because it follows the most sustained policy focus on reducing inequality in decades. President Obama’s stimulus
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Mark Perry suggests an enlightening way to view the minimum wage in his blog Carpe Diem: Instead of $10.10 per hour, think of the proposed minimum wage as a $5,700 annual tax per full-time unskilled worker Suppose that instead of
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Don is smartest man I know in the steel industry. The relative vs absolute cost of the minimum wage. Bullish on manufacturing because of frustrated demand- not because of legislation, but in spite of it.
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from Some Challenges for Minimum Wage Supporters- from Carpe Diem links to Don Boudreaux at Cafe Hayek Name some other goods or services for which a government-mandated price hike of 25 percent will not cause fewer units of those goods and services to
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from The Federalist, 11 Facts About The Minimum Wage That President Obama Forgot To Mention: 3) Most Minimum Wage Workers Are Under The Age Of 25 According to federal data, over 55 percent of all federal minimum wage workers are
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from Scott Grannis at Calafia Beach Pundit, Minimum Wage Factoids. Excerpts: But don’t take my word for it, just look at the facts as calculated by the BLS, in their Characteristics of Minimum Wage Workers 2012: In 2012, 75.3 million workers
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In The Washington Post Online, George Will writes Raise minimum wage? It’s iffy. Excerpts: If you think it is irrelevant that most minimum-wage earners are not poor. Most minimum-wage workers are not heads of households. More than half are students or other
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Kevin Williamson adds some clarity to the minimum wage debate in The Minimum-Wage Myths in The National Review Online. Excerpts: The purpose of this fight is not to hash out economic questions related to low-income people. The purpose of the fight
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Mark Wilson writes The Negative Effects of Minimum Wage Laws in the Cato Institute Policy Analysis, 6/21/12 Some summary points from his paper: 1.8 million hourly workers were paid the minimum wage in 2010. Of those 49% were aged 24
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Few economic policies demonstrate the difference between intent and outcome more than the minimum wage. Those who push for higher minimum wages in the cause of social justice refuse to accept the outcome that the cost is often shown in
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