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My opinion is meaningless. Economics calls itself a science, and it has made a prediction about the outcome of this law. How accurate that predicition is will t
by cmdrfred 10y ago
My opinion is meaningless. Economics calls itself a science, and it has made a prediction about the outcome of this law. How accurate that predicition is will tell us if we should listen to it in the future.
- hueving 10y agoNo, you have seriously misunderstood economics if you think it predicts that all restaurants in California will close. Lookup supply and demand curves. The price to eat out will just increase, which will subsequently decrease demand and there will be fewer restaurants.
- coldtea 10y agoOr some restaurant owners will just absorb some lost profit margins (for which the difference in new minimal wages paid could have minimal effect anyway)...
- coldtea 10y agoEconomics has failed, time and again, to make any accurate predictions, except in the most trivial of matters. It has been called "the dismal science" for this characteristic.