- Associate Professor of Economics at Duquesne University
- Con to the question "Should the Federal Minimum Wage Be Increased?"
“Raising the minimum wage does not increase the value of the worker’s labor. It increases the cost of the worker’s labor. And as everyone knows, the more something costs, the less of it we buy…
In a bizarre twist, raising the minimum wage hurts the very people it aims to help. As detailed in a forthcoming paper to be published by the Mercatus Center, national employment data from 1975 through 2012 show that on average, a 10 percent increase in the minimum wage has been followed by no change in employment among college-educated workers, a half-percentage point increase in unemployment for those with high school diplomas, and a one percentage point increase in unemployment for those without high school diplomas. Young people who have yet to finish high school are hit hardest of all. They have to contend with a two percentage point increase in unemployment, and as a result many are unable to find summer employment – employment that would help them acquire the skills to find better work in the future.
This is what happens when economics takes a back seat to political considerations. The feel-good rhetoric of increasing the minimum wage outweighs the economic reality that there is no such thing as a free lunch. Every cost must be paid by someone, and those who will pay for a minimum wage hike are the very people we are trying to help.”
Cowritten with James R. Harrigan, “Raising the Minimum Wage Is No Free Lunch,” usnews.com, Oct. 21, 2013
- Theoretical Expertise Ranking:
Individuals with PhDs, JDs, or equivalent advanced degrees in fields relevant to the minimum wage. Also top-level government officials (such as foreign leaders, US presidents, Founding Fathers, Supreme Court Justices, members of legislative bodies, cabinet members, military leaders, etc.) with positions relevant to the minimum wage.
- Involvement and Affiliations:
- Associate Professor of Economics, Duquesne University
- Visiting Scholar, Mercatus Center, George Mason University
- Policy Advisor, The Heartland Institute
- Co-Founder and former Chief Analytics Officer, Repliqa
- Former Chief Analytics Officer and former Chief Financial Officer, Parabon Computation
- Co-Founder and former President, Paragon Software
- Former Financial Analyst, The Burney Company
- Former Forensic Economist, Cline-Davies Research Alliance
- Former Visiting Assistant Professor, West Virginia University
- PhD, Economics, State University of New York at Albany, 1994
- BS, Economics, Alex G. McKenna School of Business, Economics, and Government, Saint Vincent College, 1987
- Contact Info:
- Twitter handle: @antonydavies
- Has been published in the Wall Street Journal, Los Angeles Times, Forbes, Investors Business Daily, and New York Daily News
- Is one of ten co-inventors on US Patent No. 6,463,457 entitled “System and Method for the Establishment and the Utilization of Networked Idle Computational Processing Power,” issued Oct. 8, 2002
- Quoted in:
- Pro & Con Quotes: Should the Federal Minimum Wage Be Increased?