Freakonomics Radio

460. The True Story of the Minimum-Wage Fight

26 snips
Apr 29, 2021
Jacob Vigdor, an economist at the University of Washington, shares insights from his Seattle study on minimum wage increases. He discusses the paradox of rising wages yet reduced hours worked, igniting a fiery debate on the federal minimum wage. Listeners learn about the historical context and complexity surrounding a proposed $15 wage. The conversation touches on how higher wages might lead to job losses, automation, and differing impacts on various worker demographics. Vigdor sheds light on the broader implications for poverty alleviation amidst the economic chaos.
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INSIGHT

Economist Disagreement

  • Economists are split on the $15 minimum wage's impact.
  • A surprising number are uncertain about its effects and indexing it to cost of living.
ANECDOTE

Newmark's Daughter

  • David Newmark's daughter benefited from San Francisco's high minimum wage.
  • He points out that many minimum wage earners are not from poor families.
INSIGHT

Minimum Wage Limitations

  • Minimum wage is a blunt anti-poverty tool.
  • Many poor families have no employed members, so a wage hike doesn't help them directly.
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