Arin's subhead: "When 30 States Raised Minimum Wages, What Happened to Pay and Jobs?" The minimum wage job-loss apocalypse that never arrived. At work here we see monopsony, not mayhem. Assessing...
"the lesson the economics profession convinced itself it had learned was different: It was that the disemployment effects of minimum wages were relatively small"
Seems odd coming from the profession that brought us "the theory of the second best". Do you guys believe your own stuff or not?
Back when state minimums began to diverge, Barry Ritholtz published a back-of-the-envelope analysis which reached the same conclusion.
Again after a few paragraphs in, the pea brain thought of the disaster that happened when Ford instituted the $5 a day wage. Communism!!!!
:-)
"the lesson the economics profession convinced itself it had learned was different: It was that the disemployment effects of minimum wages were relatively small"
Seems odd coming from the profession that brought us "the theory of the second best". Do you guys believe your own stuff or not?