Will Economists Ever Settle the Minimum Wage Debate?
Short Answer: No
New research adds further fuel to the long-running debate on the
impact of higher minimum wages:
“Though some people
may never be convinced, the wave of new minimum-wage regulations at the state
and municipal level (not to mention some of these raises are significant) means
that the years ahead will provide more opportunities for data and research,
which will hopefully bring economists to greater agreement about how wage
increases impact the economy.
“Because of the
federal election, any action on minimum wages will be at the state and local
level. We are going to see increasingly wider gaps between the regulations and
policies of different states,” David Card said in an email. “I think that
economists will be very interested in following how this pans out: Will workers
and consumers and firms in states that adopt tougher regulations (higher
minimum wages, more generous health insurance, tougher air quality regulations,
etc.) be helped or harmed?”
That said, even
with solid evidence to the contrary, some people will not budge from their
positions, whether because of ideological rigidity or personal financial
interest (or both)”
Related:
http://vivekjayakumar.blogspot.com/2016/06/the-minimum-wage-debate.html