There is nothing quite like a campus liberal "intellectual" when it comes to incredibly poor theory and understanding of that real world that is located somewhere off their campus. The Forbes article tries to be fair and quote such an "intellectual" at the end of the article. The campus liberal "intellectual" says that it is our good economy that is causing restaurants to lay off people and cut hours NOT unsustainable (for many in service industries) political wage hikes. I guess this campus liberal 'intellectual" didn't study Seattle and it affect on the service industries when it forced them to pay people unsustainable wages. It was the same result and that was not during a good economy.
To be fair, not every economist sees minimum wage hikes as the main source of labor problems. Paul R. Kutasovic, Professor of Finance at New York Institute of Technology and business forecaster, is one of them.
He thinks that the labor problem NYC businesses faced is associated with strong economic growth. “A strong economy makes it hard for businesses to find qualified people,” says Kutasovic. “In some markets, strong economic growth has pushed wages above the minimum.”
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To be fair, not every economist sees minimum wage hikes as the main source of labor problems. Paul R. Kutasovic, Professor of Finance at New York Institute of Technology and business forecaster, is one of them.
He thinks that the labor problem NYC businesses faced is associated with strong economic growth. “A strong economy makes it hard for businesses to find qualified people,” says Kutasovic. “In some markets, strong economic growth has pushed wages above the minimum.”