Ubers Simple Math Mistake Will Cost It Tens Of Millions Of Dollars ##HOT##
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And then there were a couple of scholars who had done some very careful research on the minimum wage and came out with what was the crushingly counterintuitive finding to the economics community, that raising the minimum wage does not increase unemployment. This is an article of faith to economists, part of the DNA of the economics profession. You increase the cost of a thing, and less of it will be purchased. The subtleties, the nuances of increased demand, of inability to negotiate for true value of a thing in the first place, is not part of the way minimum wage is taught in economic schools. I remember arguing with Larry Summers about this, and with Alan Greenspan much later; you increase that, unemployment necessarily increases. Republican speeches I heard, everyone was taking this as an article of faith. It was a simple, but profoundly wrong, answer. 153554b96e
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