Economist of the day

Posted: 23 September 2015 in Uncategorized
Tags: , , , , , , ,

minwage

One of the most studied issues in contemporary economics is the effect of an increase in the minimum wage. But here we have a panel of so-called experts composed of mainstream economists who are uncertain—about whether employment will decrease or output will increase.

Ordinarily, I would applaud a health dose of uncertainty among economists, especially mainstream economists.

median

But, of course, mainstream economists show themselves to be quite certain about things other than the minimum wage, such as the idea that the median American household, notwithstanding the small increase in household income, is actually much better off.

Just sayin’. . .

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