Re:U.S. inflation rate rises to 13-year high of 5.4%
by throw0101a on Wednesday October 13, 2021 @05:50PM
(#28858129)
> It weirds me out that this is a considered a controversial opinion instead of common sense.
A lot of people think it is "common sense" that raising the minimum wage will decrease employment because of higher labour costs, but that link is… tenuous… at best:
> In pioneering work from the early 1990s, David Card analysed some central questions in labour economics – such as the effects of a minimum wage, immigration and education – using this approach. The results of these studies challenged conventional wisdom and led to new research, to which Card has continued to make important contributions. Overall, we now have a considerably better understanding of how the labour market operates than we did 30 years ago.
A lot of people think it is "common sense" that raising the minimum wage will decrease employment because of higher labour costs, but that link is… tenuous… at best:
> In pioneering work from the early 1990s, David Card analysed some central questions in labour economics – such as the effects of a minimum wage, immigration and education – using this approach. The results of these studies challenged conventional wisdom and led to new research, to which Card has continued to make important contributions. Overall, we now have a considerably better understanding of how the labour market operates than we did 30 years ago.
* https://www.nobelprize.org/prizes/economic-sciences/2021/pop...