were it so easy to run controlled experiments in macroeconomics!
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if we could find a lot of cases where minimum wage increases uncontroversially increased unemployed, I'd agree!
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uncontroversial is the key word. Empirical macro is imprecise, everyone can back up their existing biases with data. Need theory too
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there's a surprising number of places where "95% of economists agree"
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the empirical data around minimum wage and unemployment has to be twisted pretty hard to find an unemployment++ effect.
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fwiw I quite like macro models, but the ones that model minimumwage++ -> unemployment++ are pretty unpersuasive.
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the nice thing about macro models is that you can test them against intuition about how people really behave.
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I don't understand the 95% point-- aren't most economists against the minimum wage?
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@7im the economics of equality? -
or just economics. When people with little money get more money, they send. Spending increases demand, increases investment
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one of the reasons that food stamps are a great means of economic stimulus. Best GDP per $ afaik
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