Professor Emeritus of Economics at Pepperdine University
Con to the question "Should the Federal Minimum Wage Be Increased?"
"Raising the minimum wage is a formula for causing unemployment among the least-skilled members of society. The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the quantities of goods and services demanded and the number of workers employed in producing them...
[T]he higher the minimum wage is raised, the worse are the effects on poor people."
Experts Individuals with PhDs, JDs, or equivalent advanced degrees in fields relevant to the minimum wage; and top-level federal government officials significantly involved in the minimum wage and related issues. [Note: Experts definition varies by site.]
Involvement and Affiliations:
Professor Emeritus of Economics, Pepperdine University, Aug. 2005-present
President, Jefferson School of Philosophy, Economics, and Psychology
Author, Ludwig von Mises Institute
Former Professor of Economics, Pepperdine University