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0 pointskangnkodos6y ago0 comments

Economists can't run experiments like other scientists. In a way, they are more like historians.

In my opinion, almost all of the actual past raises to minimum wage have been on the small side, and have not significantly affected unemployment. You're right about that.

But if my opinion is true, then there's a huge leap with no scientific basis to saying "therefore this specific large increase in minimum wage will not raise unemployment."

Unfortunately, there aren't any scientific studies of increasing the US minimum wage by 100% because it has not been done multiple times in the past. So no one really knows what would happen if we did it now.

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kick6y ago

Economists aren't scientists, which is important to remember. "Artists" is a better term, especially for the fellows at GMU.

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0 pointskangnkodos6y ago0 comments

Economists can't run experiments like other scientists. In a way, they are more like historians.

In my opinion, almost all of the actual past raises to minimum wage have been on the small side, and have not significantly affected unemployment. You're right about that.

But if my opinion is true, then there's a huge leap with no scientific basis to saying "therefore this specific large increase in minimum wage will not raise unemployment."