Micro, Macro, and the Minimum Wage

Economists disagree. It's so common that there are jokes about.  For example, If all of the economists in the world were laid end-to-end they would scarcely reach a conclusion. and Economics is the only field in which two people can get a Nobel Prize for saying the opposite thing. Why?  I can't explain all of … Continue reading Micro, Macro, and the Minimum Wage

Links on Minimum Wage

A few minimum wage links to use in my guest lecture/discussion with Professor Reglin's classes tomorrow:   The assigned article/editorial from NY Times: Case for a Higher Minimum Wage An accessible description of the original, path-breaking Card-Kreuger study:  http://nyti.ms/18o2f89 Raising the minimum wage reduces poverty and tends to raise all incomes, including household incomes not … Continue reading Links on Minimum Wage

Inflation Erodes Real Value of Minimum Wage

Although the minimum wage in 1968 was $1.25, prices were a lot lower then. In terms of today's purchasing power using today's 2010 dollars, the real value of the minimum wage in 1968 was $9.86.  Since the minimum wage (Federal) was increased in 2009 to $7.25, that means that the minimum wage is still 25% … Continue reading Inflation Erodes Real Value of Minimum Wage