Ronald Bailey Debunks New Minimum Wage Hocus Pocus
Magical thinking that hurts job seekers
A new study by two economists at the Political Economy Research Institute at the University of Massachusetts Amherst claims that raising the minimum wage of fast food workers to $15 per hour over a four-year transition period would not necessarily result in "shedding jobs." Really? Raising the price of a service has no effect on the demand for that service? Real world data show that trying to defy the law of demand always ends up harming lots of the people minimum wage proponents aim to help. Reason Science Correspondent Ronald Bailey debunks minimum wage hocus pocus.