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11 July 2007

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hello friend I think that They were roundly castigated for having looked carefully at the data concerning the minimum wage and finding out, mirabile dictu, that raising it had no employment effects at all, one way or the other.

Tracy Lightcap

The limiting case in this was how Card and Krueger were treated when they brought out Myth and Measurement. They were roundly castigated for having looked carefully at the data concerning the minimum wage and finding out, mirabile dictu, that raising it had no employment effects at all, one way or the other. Some even suggested that Card should be stripped of his John Bates Clarke award!

To get an idea of how this singular case of social science sleeping sickness came about, see Roy Weintraub's How Economics Became a Mahematical Science. Some of the anecdotes are downright scary.

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