I happen to think the minimum wage in the United States should be raised. I’ll go along with the
consensus of $15 an hour.
I also happen to
that, even under ideal conditions, wages and employment cannot be
by supply and demand.
Some economists, who I no (other) reason to disrespect, seem to think my true statement about labor
economics can be discredited by
attacking my motivations.
So they point out how, under (incoherent) neoclassical theory, higher minimum wages can be justified
by, for example, the theory of monopsony.
But my motivations are almost the opposite.
I take the evidence
that neoclassical economics is wrong about labor markets as a launching into the illogic
of mainstream economics.
the most recent meta-analysis on minimum wages?)
The attack,Read More »