An interesting survey of recent research on minimum wage
http://www.milkenreview.org/articles/making-the-case-for-a-higher-minimum-wage
"While I think the overall evidence strongly suggests relatively small employment effects, the impact might be quite different when the new minimums are set at a high level or are closer to median wages to begin with. We are currently witnessing minimum wage increases that go beyond our experience of the past few decades. California, New Jersey and New York, for example, are on a path to increase their minimums to $15 an hour in the coming years. The point at which the employment effects begin to bite hard enough to worry remains an open question."
"While I think the overall evidence strongly suggests relatively small employment effects, the impact might be quite different when the new minimums are set at a high level or are closer to median wages to begin with. We are currently witnessing minimum wage increases that go beyond our experience of the past few decades. California, New Jersey and New York, for example, are on a path to increase their minimums to $15 an hour in the coming years. The point at which the employment effects begin to bite hard enough to worry remains an open question."
Related:
Minimum Wages and the Distribution of Family
Incomes
https://www.aeaweb.org/articles?id=10.1257/app.20170085
https://www.aeaweb.org/articles?id=10.1257/app.20170085
Making Sense of the Minimum Wage
[Cato Policy Journal – Cato is a right leaning libertarian think tank)
https://object.cato.org/sites/cato.org/files/pubs/pdf/pa-867.pdf
[Cato Policy Journal – Cato is a right leaning libertarian think tank)
https://object.cato.org/sites/cato.org/files/pubs/pdf/pa-867.pdf
An excellent primer on the minimum wage debate:
http://www.anderson.ucla.edu/faculty-and-research/anderson-review/minimum-wage-primer-leamer
World Governments Test Minimum-Wage Raises
http://www.anderson.ucla.edu/faculty-and-research/anderson-review/minimum-wage-primer-leamer
Labor Market - Monopsony Power
World Governments Test Minimum-Wage Raises
Researchers say there’s a simple way to reduce suicides: Increase the minimum wage
What do top economists think of the minimum wage?
http://www.igmchicago.org/surveys/15-minimum-wage
Political Economy Aspect of the Minimum Wage Debate
Competing Perspectives – Left versus Right
Political Economy Aspect of the Minimum Wage Debate
Competing Perspectives – Left versus Right
https://www.econlib.org/hidden-costs-of-the-minimum-wage/
People Who Want Smaller Government Need To Look At Higher Minimum Wages
“If you really want to lower social spending, you need to decrease its manufactured need. You lower the need by increasing the pay companies must provide, rather than seeing people paid too little to live on who now need federal assistance.
There would still be a need for a safety net, because bad things can happen and watching even our distant neighbors scramble in trouble not of their making is a poor moral and practical practice. However, the safety net likely could be much smaller as we prevented companies from offloading their actual costs of business onto taxpayers, a practice to which they have become increasingly addicted.”
Political Bias and Economics Research
Noah Smith notes:
“Back in 2014, economists Zubin Jelveh, Bruce Kogut and Suresh Naidu performed an ingenious study to detect political bias in the economics literature. Using text-mining, they classified economists into ideological groups, and then tested whether those groups found different numbers when evaluating empirical questions — for example, how much minimum wages affect employment. They found a statistically significant correlation — more ideologically conservative economists tended to find results that implied less government intervention was warranted, while more ideologically liberal ones found numbers that implied government needed to do more. The effect was rather modest in size, but if even the ivory tower is subject to bias, the web of think tanks, pundits and political advisers who are close to the halls of power is likely to be much worse.”