Thursday 30 July 2009
As an economist, I find it astonishing that members of my profession can believe that real per capita output has tripled over the past fifty years while the real hourly minimum wage is essentially unchanged over the same period, but raising the minimum wage will cost a substantial number of jobs. How divorced from basic reality can you possibly be? Why not just believe in Santa Claus and be done with it? Economic fundamentalism and the minimum wage ☀
