108d4836_brary_of_Economics_and_Liberty__ast_Highlights_HIDE_HIGHLIGHTS
[Time] 14:30
Minimum wage: belief based on evidence or just the logic? Virtual couch sitting up. U. of Vermont, Bill McKibben debate on buying local. Mainly empirical arguments vs. logical arguments. Studies not peer-reviewed, not in journals, but often sophisticated. Argument is often: are you kidding? give me half an hour and I'll find an argument against that. Ironically find my own lousy study, or logic. In the eye of the listener, finding a study sounds better. Wal-mart wages study. Logic: wouldn't you think that Wal-mart it would increase the demand for labor and drive up wages? Study: Wal-mart lowered wages but not in small towns. Isn't that even harder to explain empirically? Neo-classical view of the world: supply and demand: in larger cities share would be relatively small, vs. I just looked at the data. Counter-argument: Are you kidding me? Do you really think you've been able to hold constant other things? Not compelling as a counter-argument.
Roberts (and Hanson) on Truth and Economics | EconTalk | Library of Economics and Liberty