This Yearβs Nobel Prize Is Going To Change Everything...
Economics Explained
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Why the Minimum Wage Didn't Increase Employment in New Jersey
David card is most famous for a paper he co authored in 19 94, which found no indication that the ris minimum wage reduced employment. He did this by studying fast food workers at major chains in new jersey after the state raised its minimum wage from four dollars and 25 cents an hour to five dollars and five cents an hour in 19 92. Card followed this up with a similar study on the mariol boat lift of 19 80, which brought thousands of cuban immigrants fleeing communism into the united states. These papers have had drastic impacts on the way that economists understand labor market dynamics. They are now having real world impacts on policy decisions.
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