Does raising the minimum wage kill jobs? The centurylong search for the elusive answer shows why economics is so difficult – but data sure helps
- Written by Veronika Dolar, Assistant Professor of Economics, SUNY Old Westbury
The fight over the minimum wage continues.AP Photo/John RaouxFor decades it was conventional wisdom in the field of economics that a higher minimum wage results in fewer jobs.
In part, that’s because it’s based on the law of supply and demand, one of the most well-known ideas in economics. Despite it being called a “law,”...