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Reblogged by cstanhope@social.coop ("Charles Stanhope"):
clacke@libranet.de ("Claes Wallin πΈπͺππ°") wrote:
> They knew they had two very similar labour markets, but they also realised they had a control group (Pennsylvania) where nothing was going to change, and a treatment group (New Jersey) where nothing was going to change except for one variable: the increase in the minimum wage.
> So, they surveyed 410 fast food restaurants in New Jersey and Pennsylvania before and after the rise in the minimum wage.
βwww.abc.net.au/news/2021-10-13β¦
> However, their findings weren't welcomed by the establishment.
[ . . . ]
> American economist James Buchanan, a Nobel Laureate himself (in 1986), was scathing of the suggestion that a core "law" of economics might not be universal after all.
[ . . . ]
> "Just as no physicist would claim that 'water runs uphill,' no self-respecting economist would claim that increases in the minimum wage increase employment."