Environmental activists cling to the same stale policy prescriptions, no matter the situation. Only their rationale changes.
Soft skills are being priced out of the labor market by minimum wages. At $8 an hour, it might be worthwhile to hire someone to bus tables. At $11 an hour, Massachusetts’ minimum, it probably isn’t.
The minimum wage is only the most visible portion of what quickly amounts to a vast array of considerable, often unseen costs.
But even after excluding all shoddily done studies of minimum wages, we’re still left with conflict in the conclusions. Fortunately, economic theory itself supplies clues as to why.