Sheldon Richman has a field day with the recent announcement that five economists who have won the Nobel Prize think that raising the minimum wage is a good idea. He subjects each of their statements to devastating analysis. Read Sheldon’s article here.
If you carefully read the reasons the five economists give as justification for raising the minimum wage, you have to conclude that either getting a Nobel Prize in economics does not mean that you understand supply and demand in the labor market or that some Nobel Prize winners will say silly things for political reasons.
Or both may be true.
