by Pierre Lemieux
Cato Institute
July 24, 2014
Regulation
Different groups of economists and analysts arrive at very different results in calculating the employment effects of a minimum wage increase. In recent years, the number of economists who favor a higher minimum wage has dramatically increased. The shift may have more to do with value judgments and pleasing a loyal audience than anything else. Whatever their extra-economic values may be, it is impossible for proponents of a higher minimum wage to argue that the policy they advocate would benefit everyone and harm no one. Someone must be harmed by an increased minimum wage – the level of naiveté required to argue otherwise does not bode well for the future of economics as a science.



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