New Research Debunks Claim That A $15 Minimum Wage Would Not Reduce Employment

“There are no solutions, there are only trade-offs,” economist Thomas Sowell once observed, “and you try to get the best trade-off you can get, that's all you can hope for.” 

“Economics teaches you that making a choice means giving up something,” economist Russ Roberts has similarly explained. 

The job losses that come with minimum wage hikes are a fundamental economic reality. This latest research offers yet another reminder that, no matter how much wish-casting progressives engage in, there’s no escaping trade-offs in public policy.


1. Some progressive economists engage with supply and demand theory by arguing that if a business has a labor monopsony, aka they are the only employer for that type of labor, then minimum wage increases will not cause unemployment. But this makes little sense, as the types of employers who hire minimum wage workers, such as restaurants, retail stores,  fast food, coffee shops, and so on, have nearly innumerable competitors for other places that will hire workers at the minimum wage.)

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Brad Polumbo is a libertarian-conservative journalist and Opinion Editor at the Foundation for Economic Education.

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