Season 1 · Episode 35
Do minimum wages reduce inequality?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
April 10, 201727m 33s
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Show Notes
Mark Perry, Professor of Economics and Finance at the University of Michigan, believes that raising the minimum wage will push costs up so high companies won’t be able to afford them. He wrote in his blog, “a $15 minimum wage maximizes the probability that an unskilled worker will be unemployed at $0.00 an hour instead of being gainfully employed”. So, is that the case? Prof Steve Keen argues he is making the mistake of many economists, applying a micro-economic argument to macro-economics. Find out how the Michigan professor got it so wrong.
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