Last updated on: 3/22/2016 | Author: ProCon.org

Steve Hanke, PhD Biography

Title:
Professor of Applied Economics at Johns Hopkins University
Position:
Con to the question "Should the Federal Minimum Wage Be Increased?"
Reasoning:

“There are seven European Union (E.U.) countries in which no minimum wage is mandated… If we compare the levels of unemployment in these countries with E.U. countries that impose a minimum wage, the results are clear. A minimum wage leads to higher levels of unemployment. In the 21 countries with a minimum wage, the average country has an unemployment rate of 11.8%. Whereas, the average unemployment rate in the seven countries without mandated minimum wages is about one third lower — at 7.9%…

So, minimum wage laws — while advertised under the banner of social justice — do not live up to the claims made by those who tout them. They do not lift low wage earners to a so-called ‘social minimum’. Indeed, minimum wage laws — imposed at the levels employed in Europe — push a considerable number of people into unemployment. And, unless those newly unemployed qualify for government assistance (read: welfare), they will sink below, or further below, the social minimum.”

“Let the Data Speak: The Truth Behind Minimum Wage Laws,” Globe Asia, Apr. 2014

Involvement and Affiliations:
  • Founding Chairman, Hanke-Guttridge Capital Management, 2013-present
  • Senior Advisor, International Monetary Research Institute, Renmin University of China, 2011-present
  • Special Counselor, Center for Financial Stability, 2011-present
  • Distinguished Professor, Universitas Pelita Harapan (Indonesia), 2008-present
  • Senior Fellow, Cato Institute, 2002-present
  • Co-Director, Institute for Applied Economics, Global Health, and the Study of Business Enterprise, Johns Hopkins University, 1995-present
  • Professor of Applied Economics, Johns Hopkins University, 1975-present
  • Senior Fellow, Institute for Advanced Strategic and Political Studies (Israel), 1988-1994
  • Senior Fellow, Heritage Foundation, 1983
  • Distinguished Visiting Scholar, Lund Institute of Technology, University of Lund (Sweden), 1981
  • Associate Research Scholar, International Institute for Applied Systems Analysis, Schloss Laxenburg (Austria), 1979-1980
  • Visiting Scholar, Centre de Formation Internationale a la Gestion des Resources en Eau, Sophia Antipolis (France), 1978
  • Associate Professor of Applied Economics, Johns Hopkins University, 1973-1975
  • Assistant Professor of Applied Economics, Johns Hopkins University, 1969-1973
  • Research Associate, National Museums of Kenya, 1972
Education:
  • PhD, Economics, University of Colorado, 1969
  • BS, Business Administration, University of Colorado, 1964
Other:
  • Twitter handle: @steve_hanke
  • Is a currency and commodities trader
  • Member, Supervisory Board, Advanced Metallurgical Group (Netherlands), 2013-present
  • Chairman, Richmond Optimus LLC, 2011-present
  • Editor, Maryland Journal, 2010-present
  • Member, Financial Advisory Council, United Arab Emirates, 2008-present
  • Contributing Editor, Globe Asia, 2007-present
  • Member, International Advisory Board, National Bank of Kuwait, 2007-present
  • Chairman Emeritus, Friedberg Mercantile Group Inc. (Canada), 2006-present
  • Member, Board of Governors, Philadelphia Stock Exchange, 1995–1997
  • Has been employed in a variety of economic advisory roles to government agencies in Ecuador (2001-2002), Montenegro (1999-2003), Indonesia (1998), Bulgaria (1997-2002), Venezuela (1995-1996), Argentina (1995-1996), Lithuania (1994-1996), Kazakhstan (1994-1995), Albania (1991-1992), Yugoslavia (1990-1991), United States (1976-1987)
  • Has received honorary doctorates from Istanbul Kultur University (Turkey) in 2012, Free University of Tbilisi (Georgia) in 2010, and Universidad San Francisco de Quito (Ecuador) in 2003
  • Was named one of the twenty-five most influential people in the world by World Trade Magazine, in 1998
Quoted in:
Pro & Con Quotes: Should the Federal Minimum Wage Be Increased?