Source: Josh Hild/Pexels The timing is perfect for an economist. The horticulture industry is getting a new $25 per hour minimum wage thanks to a decision by the Fair Work Commission. The ruling, handed down earlier this month, comes just three weeks after the Nobel Prize in economics was awarded to David Card for his research about the impact of minimum wages on employment.
The impact of academic economics on the real world should not be underestimated. Card found, to the surprise of most economists, that raising minimum wages did not reduce employment nor increase unemployment.
Card can feel deeply intellectually […]
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