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Title: Nobel price in Economy 2021 Post by: paxmao on October 12, 2021, 10:31:14 AM In a world that does not want to hear about data, logic, serious analysis and rather has chosen to consider everything as and opinion, always partisan related, and that considers that the value of an expert view in a field that takes years to master equivalent to some tweeting by a celebrity, it is refreshing to see that the Nobel price in Economy is going to people who have done massive non-trivial research on real world data.
This, for an Economist, is rolling up the sleeves and getting into the mud. For example, relations such as the link of minimum wage vs jobs creation links are difficult to proof and are substituted by Tweetpinions as if they were "just a point of view and a "partisan issue". (2019) https://www.economist.com/finance-and-economics/2019/03/21/alan-krueger-natural-talent (https://www.economist.com/finance-and-economics/2019/03/21/alan-krueger-natural-talent) So, no, an increase in Minimum Wage does not modify new jobs creation (https://www.economist.com/finance-and-economics/2019/03/21/alan-krueger-natural-talent)within the limits of the data analysed. And again, another result that might be surprising, the influx of immigrants, even in quite substantial amounts, does not lower local salaries. (https://apnews.com/article/nobel-prizes-business-europe-3cbc672f994ae6f4f486a68b52c2bb32) Although, these have to be taken in context, the fact remains that some may be clueless about a topic does not mean that others do not know about it - not all views are equal, not everything is a view. Quote In a study published in 1993, Card looked at what happened to jobs at Burger King, KFC, Wendy’s and Roy Rogers when New Jersey raised its minimum wage from $4.25 to $5.05, using restaurants in bordering eastern Pennsylvania as the control — or comparison — group. Contrary to previous studies, he and his late research partner Alan Krueger found that an increase in the minimum wage had no effect on the number of employees. Quote Card’s research also found that an influx of immigrants into a city doesn’t cost native workers jobs or lower their earnings, though earlier immigrants can be negatively affected. Card studied the labour market in Miami in the wake of Cuba’s sudden decision to let people emigrate in 1980, leading 125,000 people to leave in what became known as the Mariel Boatlift. It resulted in a 7% increase in the city’s workforce. By comparing the evolution of wages and employment in four other cities, Card discovered no negative effects for Miami residents with low levels of education. Follow-up work showed that increased immigration can have a positive impact on income for people born in the country. |