Last updated on: 3/22/2016 | Author:

Steve Hanke, PhD Biography

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

“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
  • PhD, Economics, University of Colorado, 1969
  • BS, Business Administration, University of Colorado, 1964
  • 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?