Speaking of the minimum wage, even Alan Krueger – a hero to those economists who seek justifications for ignoring the prediction from basic economics that minimum wages reduce the employment prospects available to low-skilled workers – believes that a $15 per hour minimum wage would likely reduce the employment prospects available to low-skilled workers.
Arnold Kling reviews George Akerlof’s and Robert Shiller’s Phishing for Phools. Here’s Arnold’s conclusion:
Akerlof and Shiller are Nobel Laureates, which they earned with previous research. That is what makes this book so disappointing. People may enjoy reading Phishing for Phools, but it is lacking in real intellectual nutrition. It is the literary equivalent of a Cinnabon.