They believe, as I do, that the negative effects of a higher minimum wage would outweigh any positive effects. That is one reason I would believe why only a fraction of the 35 living economists who received the Nobel Prize signed on to the petition--I believe all were asked to sign.
Controversy remains in the United States over the effects of the minimum wage mainly because past changes in the U... displayed 300 characters
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minimum wage have usually been too small to have large and easily detectable general effects on employment and unemployment. The effects of an increase to $10.00 per hour in the federal minimum wage would be large enough to be easily seen in the data. It would be a nice experiment from a strictly scientific point of view, for it would help resolve the controversy over whether the effects of large increases in the minimum wage would be clearly visible in data on employment, training, and some prices... displayed next 300 characters
They believe, as I do, that the negative effects of a higher minimum wage would outweigh any positive effects. That is one reason I would believe why only a fraction of the 35 living economists who received the Nobel Prize signed on to the petition--I believe all were asked to sign...
Minimum wage levels become the floor and wages can not fall below the floor price.
In the first two Minimum wage graphs a study that was done in New Jersey to show the effects of a minimum wage increase in employment...
“The minimum wage law can simultaneously increase wages and employment in markets in which employers have some monopsony power” (Lipsey, p.336). In the simplest example of a monopsony power, there is only one employer in the area...
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