The next time some mainstream economist stands up and says “Economics is a science” and, because it is a science, “We know what the effects of implementing this policy are,” just send them to the current debate about the minimum wage.
Catherine Rampell does a good job illustrating the absurdity of the view that economics is a science. There aren’t many topics in economics that have been the focus of as much theoretical modeling and empirical research as the minimum wage. And there simply isn’t any kind of consensus—among mainstream economists, let alone among all economists—about the effects of raising the minimum wage.
Real-World Economics Review Blog
David Ruccio | Professor of Economics, University of Notre Dame
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