“So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The minimum wage is a price floor. If it is set above the market equilibrium price for unskilled labor, it will cause unemployment.”

About Paul Krugman

Economist • American

Paul Krugman is a distinguished American economist, professor, and public intellectual. He was awarded the Nobel Memorial Prize in Economic Sciences in 2008 for his work on new trade theory and economic geography. Since...