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Truly, Money is NOT All that Matters

“Oh, you economists!  You think that the only thing people care about is money.  How ridiculous!” — such runs a typical accusation by people who know nothing about economics.

Economists, as a matter of fact, are especially aware that people care about much more than money.  That’s why, for example, economists understand that even low-skilled workers who find or retain jobs in the wake of a hike in the legislated minimum wage might nevertheless be worse off than if the minimum-wage had not been raised.

My latest column in the Pittsburgh Tribune-Review explains.