Second proposition is not a good choice, because the emperical evidence pretty strongly suggests that the link.. Uhm, does not exist.
Which has caused me to question the theory quite a lot. That is pretty basic- theories that don’t get support by the data are to be discarded.
Edit: Actually, let me put this in stronger terms. Looking into the literature behind this supposed link is one of the things that made me extremely skeptical about the discipline of economics as it is currently practiced in it’s entirety. Because most of the underlying studies focused on teens, a group that theory predicts wage increases should have vastly outsized impact on, and which has also had cultural pressures reducing employment. That reeks of fishing for results, and when despite this, the empirical data returned a null result, the theory was not tossed onto the rubble pile of history, and economists keep right on arguing against all minimum wage increases.
I mean, bravo for not lying about what the data says, but minus 9000 points for then not taking it onboard.
Second proposition is not a good choice, because the emperical evidence pretty strongly suggests that the link.. Uhm, does not exist. Which has caused me to question the theory quite a lot. That is pretty basic- theories that don’t get support by the data are to be discarded.
Edit: Actually, let me put this in stronger terms. Looking into the literature behind this supposed link is one of the things that made me extremely skeptical about the discipline of economics as it is currently practiced in it’s entirety. Because most of the underlying studies focused on teens, a group that theory predicts wage increases should have vastly outsized impact on, and which has also had cultural pressures reducing employment. That reeks of fishing for results, and when despite this, the empirical data returned a null result, the theory was not tossed onto the rubble pile of history, and economists keep right on arguing against all minimum wage increases.
I mean, bravo for not lying about what the data says, but minus 9000 points for then not taking it onboard.