Thursday, December 17, 2015

Obama Economist Jared Bernstein Agrees With Anti-Minimum Wage Economist David Neumark

Obama Economist Jared Bernstein Agrees With Anti-Minimum Wage Economist David Neumark

December 17, 2015 Obama Economist Jared Bernstein Agrees With Anti-Minimum Wage Economist David Neumark , 0 Comments


By Tim Worstall , Dec 16, 2015 Forbes

David Neumark has an excellent little piece in the Wall Street Journal on the unemployment effects of the minimum wage. Yes, there are papers that show that there’s no effect: but then there’s certain problems with the way that said papers have been done. And it’s worth noting that the people who have written those papers themselves don’t agree with the idea of a $15 minimum. Certainly Dube and Krueger have written quite forcefully that they think that the unemployment costs of $15 would just be too high: even with their own findings they think that $12 is as high as anyone should go.

My own reading of the research (which includes the papers Neumark mentions plus others) is that $12 would be the very upper limit possible before we started to see large and significant unemployment effects: whole percentage points of the entire labour force unemployed. Because that $12 is around 50% of the full time median wage and that’s, as best anyone can figure out, where those large unemployment effects really appear. Dube explicitly mentions this in his work for example.
 
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