Higher minimum wages are creating more jobs (with Michael Reich)
Pitchfork Economics with Nick Hanauer
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The Importance of Models in Economics
In introductory econ textbooks, it's in Mancus economics. It's even in Krugman's. They use the minimum wage as an illustration of the relationship between price and demand. This is what they use to show you how it works. In the real world, we don't see the relationship that they chart out in the book. Should they stop using the minimum Wage as their example? I think they should use the monopsony model that I've been describing as the example.
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