The Curse of Econ 101
The claim that Econ 101 does not apply to the labour market is a pretty extreme claim. If the studies aren&#x27;t showing a consensus, I&#x27;m betting on Econ 101. Note that below, jasode has pointed out that the 1994 Card &amp; Krueger study was based on phone surveys rather than payroll data.<p>There is some real and interesting debate on the question of should the cost of minimum living standards be borne by companies (through the minimum wage) or governments (through straight welfare). I&#x27;d love to see a compromise where it was still economic to do low-value work that is currently not done due to minimum wages.