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I find it funny when people say “raising the minimum wage to $15/hr is a bad idea, it’s basic economics.”And they’re right—basic economics gives us reasons why a $15/hr is problematic. But once you get past intro to econ you’ll see that many of the graphs and assumptions (1/5)
needed to support these reasons simply don’t hold up in the real world: the labor market isn’t perfectly competitive, etc. In my opinion, we need a revamping of the economics curriculum at the undergraduate level. While what is taught in intro classes provides a solid base (2/5)
for studying economics, people are frequently led astray and have a hard time comprehending that the real world doesn’t always support the basic assumptions. More math should be taught to econ students as we move away from basic models and give them the tools to understand (3/5)
the real world early on in their course of study. This way, people will realize that the positives of raising the minimum wage outweigh the negatives. (4/5)
This article lays out what I’m trying to say in much more detail. Read it and remember changing your opinion on a topic when presented with new evidence is not a bad thing #MinimumWage (5/5) https://noahpinion.substack.com/p/why-15-minimum-wage-is-pretty-safe
