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 Originally Posted by Renton
Basically any economist who isn't a Marxian or a Keynesian agrees that it is counterproductive.
I think that's more a subset of neo-Keynesians. A handful of economists did not learn that minimum wage is a good thing in academia. They all learned it increases unemployment and the several reasons why and the unintended consequences, but a handful of the pundit class of Keynesians changed their tune circa 2007.
If I had to guess, I think the reasons behind it are the polarization of politics and the revenue sources of economists who moved towards media. The media adores cherry picked data-mining and consumers of media like pro-labor appearances, so we get a perpetuating cycle where a handful of economists have started saying things like "well, you never know..." Then half the country sees this and thinks minimum wage is probably okay. Bad economists, even when they make up just <5% of all economists, do a ton of damage.
It's like the EU experiment. Lots of economists said it was a bad idea and shouldn't be done, but the political will was huge and a handful of economists within that political agenda did what they could to make it look like it would work. Now the EU is hot garbage for the exact reasons economists who stuck with their education said it would be.
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