Introducing David Card, the 2021 Nobel Prize in Economics winner who made the minimum wage respectable

Thu, 21 Oct 2021 05:43:51 +1100

Andrew Pam <xanni [at] glasswings.com.au>

Andrew Pam
<https://theconversation.com/introducing-david-card-the-2021-nobel-prize-in-economics-winner-who-made-the-minimum-wage-respectable-169715>

"Every year Australia’s Fair Work Commission considers whether to raise the
minimum wage. And every year business leaders warn doing it will cost jobs.

This year’s Nobel Prize in economics has been awarded to US-based economist
David Card for his work with Alan Krueger in reversing this perception.

Before Card and Krueger “everyone knew” that imposing or increasing a minimum
wage would cost jobs. Employers wouldn’t have the money to keep on as many
staff.

Card and Krueger work turned that proposition into the Loch Ness Monster of
economics – often discussed but never actually seen. It wasn’t just that
economists weren’t looking hard enough to find it, it was that it wasn’t
there."

Cheers,
       *** Xanni ***
--
mailto:xanni@xanadu.net               Andrew Pam
http://xanadu.com.au/                 Chief Scientist, Xanadu
https://glasswings.com.au/            Partner, Glass Wings
https://sericyb.com.au/               Manager, Serious Cybernetics

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