Money & WorkFact

The minimum wage rose and the jobs did not vanish.

On 1 April 1992 New Jersey raised its minimum wage from $4.25 to $5.05. David Card and Alan Krueger surveyed 410 fast-food outlets on both sides of the Pennsylvania border, where the wage stayed put. Employment in New Jersey did not fall – relatively, it rose.

Useful: The study made natural experiments respectable in economics; Card won the 2021 Nobel prize.

Source: nber.org

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