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California fast-food workers’ minimum wage win stirs up old economic debate
(www.theguardian.com)
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this post was submitted on 06 Apr 2024
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David Card was awarded the Nobel Memorial Prize in Economic Sciences for showing that this isn't true.
(The study (PDF warning))
What was special about this research that won the guy the award?
According to Card:
That is to say, they actually looked at real world examples and compared (meaning they actually included evidence in their reasoning) rather than assuming it must be so based on neoclassical economic assumptions.
I'm not sure most people understand how neoclassical economics is based on "arm chair general" style models largely divorced from reality.
And how horrible an ideology it really is to have had infiltrate every aspect of western life and culture.
The more I look at it, the more I see how a large part of our current societal issues can be laid at the feet of this ideology masked as science.
"Mechanical" models that have a veneer of legitimacy have certainly compromised peoples' view of reality. See also views of traffic that treat it like a liquid, so politicians keep advocating for "just one more lane" despite induced demand being proven close to a 100 years ago.