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:
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“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:
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- 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:
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- PhD, Economics, University of Colorado, 1969
- BS, Business Administration, University of Colorado, 1964
- Other:
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- 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?