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economicpolicyjournal.com<\/strong><\/a> Seven recipients of the Nobel Prize in ecoomics were among 75 economists endorsing an increase in the minimum wage for U.S. workers, reports<\/a> Bloomberg.<\/p>\n In a letter released today, the group called for the hourly minimum wage to reach $10.10 by 2016 from its current $7.25, and then be indexed for inflation thereafter. They said \u201cthe weight\u201d of economic research shows higher pay doesn’t lead to fewer jobs.<\/p>\n Past increases in hourly pay have had \u201clittle or no negative effect on the employment of minimum wage workers, even during times of weakness in the labor market,\u201d the economists wrote. \u201cA minimum wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings.\u201d<\/p>\n More than anything, this is probably a reflection o the true value of the Nobel Prize in economics and the poor quality of thinking by many who are awarded the prize.<\/p>\n These \u201ceconomists\u201d apparently hold their minimum wage position with a straight face, when it is clear that the least skilled, black youth, already suffer from the current<\/b> minimum wage, with an unemployment rate of 35.5%<\/a>.<\/p>\n (ht Prashanth Perumal) <\/p>\n This article was posted: Tuesday, January 14, 2014 at 1:29 pm<\/p>\n <\/p>\n <!– this is where we need to show the related articles <\/p>\n
January 14, 2014<\/p>\n
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