The Next Great American Metropolis Is Taking Shape In TexasThe law professor, James Kwak, has treated us to his thoughts on the minimum wage. The first is that Kwak has missed that all economists, without fail, agree that the economics 101 explanation is true at some level of a minimum wage. Make a minimum wage "too high" and it will produce significant unemployment effects. The specific part of Kwak's misunderstandings that leap out at me are these bits where he tries running through the arguments in favour of a higher minimum wage:In the above examples, a higher minimum wage will raise labor costs. Kwak again:A higher minimum wage motivates more people to enter the labor force, raising both employment and output.

Source: Forbes January 15, 2017 11:09 UTC