And though Krugman doesn’t mention his own expedient partisan conversion on the issue, he notes: It’s true that once upon a time there was a near consensus among economists that minimum wages substantially reduced employment. But that was long ago. These days only a minority of economists think raising the minimum to $15 would have large employment costs, and a strong plurality believe that a significant rise although maybe not all the way to $15 would be a good idea.
Krugman fails to mention that in the 2015 survey he hyperlinks, 26 percent of economists believe a flat $15 federal minimum wage would lower employment for low wage workers, while 24 percent said otherwise, and 38 percent weren’t sure. As for whether doing so would “substantially increase aggregate output” in the economy, just 2 percent agreed. Krugman fails to mention that the 2013 survey he links to, for even a $9 federal minimum wage, shows 34 percent agreed that it would cost jobs, 24 percent were uncertain, and 32 percent disagreed.
The reason I bring up the impossibility of exactness is because reading is always an act of interpretation. Reading in the original language removes one layer of interpretation, but literally nobody in the world understands the exact meaning of the original text. There are loads of interpretive questions ambiguous words, grammatical disagreements, textual variants among ancient manuscripts, etc.
OurPrivacy Noticeexplains more about how we use your data, and your rights. You can unsubscribe at any time.Thank you for subscribingWe have more newslettersShow meSee ourprivacy noticeJamie Carragher has insisted Liverpool must sign three players capable of coming into their first choice XI in the summer transfer window.The Reds have all but ended their hopes of retaining the Premier League title after losing 4 1 to Manchester City at Anfield on Sunday.Jurgen Klopp side have been decimated by injuries this season, particularly in defence and that has highlighted a lack of quality in reserve behind Liverpool first XI.Carragher said on co commentary that Liverpool need to strengthen their squad in the summer by injecting fresh blood and he has now elaborated on Monday Night Football, explaining the positions that need reinforcing.Read MoreGary Neville on what he won call Liverpool after Man City lossHaving analysed the number of minutes Liverpool players have played since losing the 2018 Champions League final to Real Madrid, Carragher believes the club need to sign a centre back, a replacement for Gini Wijnaldum and an attacker capable of dislodging the current front three.”It’s still the same team that’s been together for three years. We now look at the percentage of Premier League minutes played from August 2018 and you look at the numbers: Trent is 83%, van Dijk 81% and Andy Robertson 94%,” Carragher explained.”Jordan Henderson has had a couple of injuries, Wijnaldum is very rarely out and the front three very rarely get injured.