Give money to people who will spend it -> improve economy. Yep. https://twitter.com/7im/status/804439218567057408 …
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Replying to @wycats
were it so easy to run controlled experiments in macroeconomics!
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Replying to @samselikoff
if we could find a lot of cases where minimum wage increases uncontroversially increased unemployed, I'd agree!
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Replying to @wycats
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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Replying to @samselikoff
there's a surprising number of places where "95% of economists agree"
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Replying to @wycats @samselikoff
the empirical data around minimum wage and unemployment has to be twisted pretty hard to find an unemployment++ effect.
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Replying to @wycats @samselikoff
fwiw I quite like macro models, but the ones that model minimumwage++ -> unemployment++ are pretty unpersuasive.
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Replying to @wycats @samselikoff
the nice thing about macro models is that you can test them against intuition about how people really behave.
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Replying to @wycats
I don't understand the 95% point-- aren't most economists against the minimum wage?
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Replying to @samselikoff
the 95% point was saying don't make claims about empirical effects unless they're uncontroversial.
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http://www.epi.org/minimum-wage-statement/ … certainly plenty of economists don't agree
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