"Every year Australia’s Fair Work Commission considers whether to raise the
minimum wage. And every year business leaders warn doing it will cost jobs.
This year’s Nobel Prize in economics has been awarded to US-based economist
David Card for his work with Alan Krueger in reversing this perception.
Before Card and Krueger “everyone knew” that imposing or increasing a minimum
wage would cost jobs. Employers wouldn’t have the money to keep on as many
Card and Krueger work turned that proposition into the Loch Ness Monster of
economics – often discussed but never actually seen. It wasn’t just that
economists weren’t looking hard enough to find it, it was that it wasn’t
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics