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View Diary: Raising the minimum wage is hugely popular, and it's going to be an issue in 2014 (53 comments)

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  •  Mankiw is a corporatist (0+ / 0-)

    Not a liberal by any stretch.  He was central to Bush II's economic team and recently wrote a screed in defense of economic elites-the 1%. Furthermore most academic economic departments including Harvard depend on support from the super wealthy and tend to support positions that help their benefactors.

    •  Note that he didn't make the poll (0+ / 0-)

      the American Economic Association did.

      And Harvard Econ doesn't need the money.

      Also, type in "liberal economics departments"  see what your find.

      The NBER (government) supports most of the research-it is hard to find a published paper at Harvard without this grant.  The department is simply that good at pulling down grants.

      Just because facts don't line up with your beliefs, don't slam some of the most brilliant people in the world, and believe me, with 1 in 20 publication rates in top journals, they are.

      There is a real concern that minimum wage laws may hurt the poor.   I realize that you have to take account of second order effects to understand this, but to many people who really care about public policy,  these issues are important and to dismiss them with a "super wealthy group" is behind them is simply offensive.  And smacks of name calling.

      And I know Mankiw, he is the last thing from a trickle down economist.  Ouch.  

      •  Please provide a link to the poll. (2+ / 0-)
        Recommended by:
        cocinero, NoMoreLies

        If the reference is the Robert Whaples article of 2009 there are several points that should be noted.

        The survey was from 2007. It doesn't reflect the views of all US economists. It's a random sample of American Economic Association members. The survey was mailed to 325 members and 136 responded. Therefore it's a very small sample and is somewhat self selecting.

        I dare say the views of many economists have shifted since the crash of 2008.

        I'm a Vietnam Era vet. I'm also an Erma Bombeck Era vet. When cussing me out and calling me names please indicate which vet you would like to respond to your world changing thoughts.

        by Just Bob on Wed Nov 13, 2013 at 06:01:42 PM PST

        [ Parent ]

      •  To make one correction... (0+ / 0-)

        Um, Harvard isn't always right.  One of their think tanks has been abysmal (and apparently corrupt) in my own field.

        •  And don't forget Reinhardt and Rogoff (1+ / 0-)
          Recommended by:

          Their report about debt as percentage of GDP has been widely and rightly criticized for having important spreadsheet errors, cherry-picked data, and most of all it wasn't peer-reviewed.  They were at Harvard Econ.

          I'm not saying Harvard is all bad, just reminding of some counterexamples.

      •  A little time with teh Google (0+ / 0-)

        Proves Mankiw's conservative bona fides. For god's sake he was not only part of the Bush administration economic team but the economic adviser to Mitt Romney. He did write the piece on his blog in defense of the 1% and elitist economic policy.  Furthermore you need to cite links that the minimum wage hurts the poor.  The counterfactual argument that it really is a substandard or absence of a minimum wage that hurts the poor is borne out by a cursory examination of real world examples.  For instance if high minimum wages truly hurt the poor the poverty level would have been higher and employment levels lower in 1968 than they are today.  Note that in 1968 the minimum wage was worth almost 40 percent more than it is in 2013 in current dollars.  Also when you consider the US gilded age and African countries today both of which have or had no minimum wage, according to your logic their poor would be better off economically than Northern Europe or the US poor of the late 1960s.

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