“Raising the Minimum Wage” is only popular because people don’t understand that doing so will also raise unemployment. That is simple supply and demand: you will buy less labour if it costs more.
“Raising the Minimum Wage” is only popular because people don’t understand that doing so will also…
Al Black
4

People say this all the time because it seems to make sense and it’s what you learn in the first two weeks of an intro Econ course. But the evidence is mixed. Most recent studies find little to no effect on employment (the seminal paper in this literature is Card and Krueger, with Dube and coauthors expanding that analysis. Meer and West find that there is a small effect in the short run, but a larger effect in the long run). Which is why in this survey of 50 top economists there is no consensus that a $15 minimum wage would significantly lower employment:

http://www.igmchicago.org/surveys/15-minimum-wage

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