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Myth and Measurement
The New Economics of the Minimum Wage - Twentieth-Anniversary Edition
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Check link for latest rating. ( 33 ratings, 5 reviews)
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Summary
The book critically reviews earlier literature and explores broader impacts on family earnings, poverty, and the stock market valuation of low-wage employers. A new preface brings the discussion up to date with recent data, continuing to shift the national debate on minimum wage policy.
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Myth and Measurement
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Book Hero Magic created this recommendation. While it's new and still learning, it may not be perfect - your feedback is welcome! IS THIS YOUR NEXT READ?
This book is ideal for economists, policymakers, students of labour economics, and anyone interested in the economics of minimum wage policy. It appeals to readers seeking rigorous data-driven analysis that challenges standard economic assumptions and informs public debate.
David Card and Alan B. Krueger have already made national news with their pathbreaking research on the minimum wage. Here they present a powerful new challenge to the conventional view that higher minimum wages reduce jobs for low-wage workers. In a work that has important implications for public policy as well as for the direction of economic rese
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Description
From David Card, winner of the Nobel Prize in Economics 2021, and Alan Krueger, a provocative challenge to conventional wisdom about the minimum wage
David Card and Alan B. Krueger have already made national news with their pathbreaking research on the minimum wage. Here they present a powerful new challenge to the conventional view that higher minimum wages reduce jobs for low-wage workers.
In a work that has important implications for public policy as well as for the direction of economic research, the authors put standard economic theory to the test, using data from a series of recent episodes, including the 1992 increase in New Jersey's minimum wage, the 1988 rise in California's minimum wage, and the 1990-91 increases in the federal minimum wage. In each case, they present a battery of evidence showing that increases in the minimum wage lead to increases in pay, but no loss in jobs.
A distinctive feature of Card and Krueger's research is the use of empirical methods borrowed from the natural sciences, including comparisons between the "treatment" and "control" groups formed when the minimum wage rises for some workers but not for others. In addition, the authors critically reexamine the previous literature on the minimum wage and find that it, too, lacks support for the claim that a higher minimum wage cuts jobs. Finally, the effects of the minimum wage on family earnings, poverty outcomes, and the stock market valuation of low-wage employers are documented.
Overall, this book calls into question the standard model of the labour market that has dominated economists' thinking on the minimum wage. Additionally, it will shift the terms of the debate on the minimum wage in Washington and in state legislatures throughout the country.
With a new preface discussing new data, Myth and Measurement continues to shift the terms of the debate on the minimum wage.
Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?
"Our understanding of wage determination has been transformed by an intellectual revolution... there's just no evidence that raising the minimum wage costs jobs," states Paul Krugman in the New York Times. John Cassidy of The New Yorker praises Card and Krueger for attacking conventional theories with real-world testing rather than mere models. Their work is hailed as revolutionary, changing debates over minimum wage impacts and shifting the burden of proof on employment effects.
Book Details
INFORMATION
ISBN: 9780691169125
Publisher: Princeton University Press
Format: Paperback / softback
Date Published: 22 December 2015
Country: United States
Imprint: Princeton University Press
Edition: Twentieth-Anniversary Edition
Illustration: 2 Maps
Contributors:
- Preface by David Card
- Preface by Alan B. Krueger
Audience: Tertiary education, Professional and scholarly
DIMENSIONS
Width: 152.0mm
Height: 229.0mm
Weight: 595g
Pages: 454
About the Author
David Card, winner of the 2021 Nobel Prize in Economics, is Class of 1950 Professor of Economics at the University of California, Berkeley. Alan B. Krueger is Bendheim Professor of Economics and Public Affairs at Princeton University.
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