http://m.thefiscaltimes.com/fiscaltimes/#!/entry/1400-real-world-minimum-wage-increases-show-no-impact-on,530731c0025312186cd48fbd/4/media/2,minimum-wage-increase-effect
So I found a graph on 1,492 minimum wage studies and it has some interesting points. 1 is that the vast majority of studies say minimum wage has a negative impact on employment. 2 is that the vast majority of the studies have a very low "power" associated with them. If we looked ONLY at studies with a 1/Se of 50 or greater, the trend is reversed. Virtually no study says minimum wage causes unemployment at that level.
How do we interpret this?
Quote from: Interstate317 on February 25, 2014, 11:25:26 PM
http://m.thefiscaltimes.com/fiscaltimes/#!/entry/1400-real-world-minimum-wage-increases-show-no-impact-on,530731c0025312186cd48fbd/4/media/2,minimum-wage-increase-effect
So I found a graph on 1,492 minimum wage studies and it has some interesting points. 1 is that the vast majority of studies say minimum wage has a negative impact on employment. 2 is that the vast majority of the studies have a very low "power" associated with them. If we looked ONLY at studies with a 1/Se of 50 or greater, the trend is reversed. Virtually no study says minimum wage causes unemployment at that level.
How do we interpret this?
"is that the vast majority of the studies have a very low "power" associated with them"
If soemone can explain what the hell that means, it would be a start.
Quote from: VectorM on February 26, 2014, 03:51:30 AM
"is that the vast majority of the studies have a very low "power" associated with them"
If soemone can explain what the hell that means, it would be a start.
http://bretcontreras.com/powerful-stats/
[yt]RSMgDrB6_uY[/yt]
Clearly the rational thing to do is end inflation!