Ten years ago, Nick was called "near insane" for saying that substantially raising the minimum wage would create jobs. In retrospect, it seems obvious: After all, if no one has any money, who will buy all the stuff? Researchers at University of California, Berkeley have found more data to support this theory in a first-of-its-kind study on the effects of the $15 minimum wage. Michael Reich, one of the economists who worked on this exciting report, shares his findings with us.
Michael Reich is Professor of Economics and Chair of the Center on Wage and Employment Dynamics (CWED) at the Institute for Research on Labor and Employment (IRLE) of the University of California at Berkeley.
Twitter: @IRLEUCB
High Minimum Wages and the Monopsony Puzzle https://irle.berkeley.edu/publications/working-papers/high-minimum-wages-and-the-monopsony-puzzle
New Study Finds a High Minimum Wage Creates Jobs https://nymag.com/intelligencer/2023/05/new-study-finds-a-high-minimum-wage-creates-jobs.html
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This post was originally published on Pitchfork Economics with Nick Hanauer.
