The impact of a minimum wage on employment is the central question in the area of minimum wage policy. Does it reduce or even expand potentially, which I think is crazy, but okay, a lot of people don't agree. The median power for that particular question was something like eight or nine percent. It is 8.5%.
John Ioannidis of Stanford University talks with EconTalk host Russ Roberts about his research on the reliability of published research findings. They discuss Ioannidis's recent study on bias in economics research, meta-analysis, the challenge of small sample analysis, and the reliability of statistical significance as a measure of success in empirical research.