Today he takes on the minimum wage and shows that while there are varying opinions, the considered view is that:
The laws of economic gravity have not been suspended. You can’t impose costs on some without trade-offs for others. You can’t intervene in the market without unintended consequences. And here’s a haunting fact that seems to make sense: Raising the minimum wage will produce winners among job holders from all backgrounds, but it will disproportionately punish those with the lowest skills, who are least likely to be able to justify higher employment costs.Translation: It ends up helping middle class teens and hurting lower class dropouts.
