Wednesday, October 04, 2006

The Folly of HK's Minimum Wage Debate

很多人把最低工資視為有效的扶貧手段, 支持者又常以 Card and Krueger 的研究作為支持其主張的理據。

這些人當中,究竟有多少人看過原著? 木宰羊!My bet is that 99.99 % of them have not.

Read this: The minimum wage is a blunt instrument for reducing overall poverty, however, because many minimum-wage earners are not in poverty and because many of those in poverty are not connected to the labor market. We calculate that the 90-cent increase in the minimum wage between 1989 and 1991 transferred roughly $5.5 billion to low-wage workers.... an amount that is smaller than most other federal antipoverty programs, and that can have only limited effects on the overall income distribution.

The source? Card and Krueger in Myth and Measurement (p.3).

Hat tip to Bryan Caplan at Econlog for the pointer.

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