Fast-Food Strike Made Minimum Sense
Fast food workers struck earlier this week over their low wages, agitating for a hike to $15 an hour. This has led to a lot of nonsense being talked about minimum wages. From the right I heard that minimum wages lead to massive disemployment, and McDonalds can't raise prices because, if it could, it would have already. From the left, I saw grave accounting errors, and enthusiastic overstatement of the "new consensus" on the minimum wage. So it seems worth reviewing a few things:
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