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We hear this all the time, but it seems largely irrelevant. There's no good reason to believe that the lowest-paid workers would lose their jobs if they had to
by adfhietinoi 3y ago
We hear this all the time, but it seems largely irrelevant. There's no good reason to believe that the lowest-paid workers would lose their jobs if they had to be paid more. There are no randomized controlled trials about raising the minimum wage, but quite a few natural experiments suggest a minimal effect on unemployment with reasonable increases. Low-paid workers have won raises with collective bargaining while your theory suggests they would be laid off en masse.
There is no consensus amongst economists that raising the minimum wage as high as $15/hour would substantially increase unemployment. You are, of course, welcome to disagree with them, but you can't claim this is just Econ 101.
https://www.chicagobooth.edu/review/what-economists-think-about-a-15-minimum-wage https://www.chicagobooth.edu/review/what-economists-think-ab...
- WalterBright 3y agoWould you pay someone more than they produce if it's your business? > There is no consensus amongst economists I don't know any who have run a successful business.