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Why the Minimum Wage Worked

Geoff Riley

12th April 2016

It is nearly twenty years since the landmark research of Card and Krueger on the effects of minimum wages on employment in US fast food restaurants argued that higher wages might lead to a rise in employment when there are frictions in the labour market and firms with monopsony power. Why did the minimum wage work - when basic economic theory suggests it shouldn't? Alan Krueger of Princeton University and former economic advisor to President Barack Obama explains in this short video from the 2016 Royal Economic Society conference.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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