elusive

Veronika Dolar, SUNY Old Westbury For decades it was conventional wisdom in the field of economics that a higher minimum wage results in fewer jobs. In part, that’s because it’s based on the law of supply and demand, one of the most well-known ideas in economics. Despite it being called a “law,” it’s actually two theories that suggest if the price of something goes up – wages, for example – demand will fall – in this case, for workers. Meanwhile, their supply will rise. Thus an introduction of a high minimum wage would cause the supply of labor to exceed demand, resulting in unemployment. But this is just a theory with many built-in assumptions. Then, in 1994, David Card, an economist at the University of California, Berkeley, and one of this year’s Nobel winners, and the late Alan Kru...

On Erin Gruwell’s first day as a high school English teacher, she faced a classroom of 150 “at risk” freshmen. Most of these kids, statistically, were going to fail. They were tough, their young lives already defined by poverty, gangs, violence and low expectations. These students, she wrote, knew nearly every “four-letter word” except one: hope. Traditional dancers celebrate Hari Raya, the end of Ramadan. Photo by Aniq Danial for Unsplash, CC BY-ND Yet four years later, every one of her “at risk” students at Wilson High School in Long Beach, CA, had graduated from high school. More than half went on to graduate from college. The stories written by Gruwell’s students were published as a book called “The Freedom Writers Diary”. It became a New York Times bestseller and in 2007 was made int...

Tag: elusive

The Century Long Search For The Elusive Answer To The Question “Does Raising The Minimum Wage Kill Jobs?” Shows Why Economics Is So Difficult – But Data Sure Helps

Science untangles the elusive power and influence of hope in our lives