Minimum Wage 'Theory'/What Your Car Says About You
I ran across an interesting quote on a Scientific American blog:
"Consider how differently the public treats physics and economics. Physicists can say that this week they think the universe has eleven dimensions, three of which are purple, and two of which are twisted clockwise, and reporters will quote them unskeptically, saying "Isn't that cool!" But if economists say, as they have for centuries, that a minimum wage raises unemployment, reporters treat them skeptically and feel they need to find a contrary quote to "balance" their story." - Robin Hanson
Economics is interwoven with politics. The idea of raising the minimum wage tends to be a more liberal notion, however, conservatives use increased unemployment as a trump card. Perhaps there is a balanced medium???
On a lighter note: What does your car say about you???
2 Comments:
Or is it the invisible hand?
Or could it be the Invisible Hand at work?
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