minimum

18Oct

By THEIRL1ADMIN01No Comments

Journalism

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

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...

The Best Way To Help Workers And Preserve FDR’s Legacy – Ensuring The Minimum Wage Keeps Up With Economic Growth

The US$1.9 trillion pandemic relief bill that the House just passed includes a gradual increase in the federal minimum wage to $15 per hour by 2025. While its chances in the Senate appear slim, the proposal has brought national attention to the minimum wage, which has been stuck at $7.25 since 2009. Supporters argue a higher minimum wage would translate into higher incomes for millions of low-wage employees, such as restaurant waiters, retail salespeople and child care workers, and thereby lift a lot of people out of poverty. Opponents claim it would hurt businesses and lead to a lot of job losses. As an economist who studies labor markets and income inequality, I believe both claims exaggerate the impact and miss a key point of what the minimum wage is meant to achieve. The current deba...

The Battle For Minimum Weight – Blacks and the Obesity Epidemic

Caught up in the frenetic grind of her fashion industry job, Allison Ferrell, 41, paid little attention to her increasing waistline. As Manager of Product Operation and Logistics for Abaete, a New York-based luxury apparel line, lunch was a luxury she couldn't afford. She said she was crazed and I couldn't spare the time so If I didn't eat by 1:00 p.m. that was it for the rest of the day. After a 2005 surgery left her stomach upset, she routinely avoided a litany of foods and routinely skipped meals. Her erratic eating habits kicked her body into pre-starvation mode. Believing it was starving, her body stopped burning calories and began to store food reserves causing an increase in body fat. I'd had a good run, but my negative habits were catching up with me and now it was time to take ca...