Thursday, April 30, 2015

Minimum wage

There are many descriptors for people able to hold contradictory thoughts without flinching. It can be seen as profound sophistication or as muddled thinking. President Obama famously blamed ATM machines for job losses and unemployment. The President is also a fan of raising the minimum wage.

The picture below is of a McDonald's robot order-taker-cashier. This one surely replaces entry-level workers. It's also a sure bet that as employing real humans becomes costlier, more such machines will be installed.

Recall that the much-celebrated Card-Krueger study that found wage hikes are harmless looked at fast-food outlets.