Category Archives: Economics

Minimum Wage vs. Automation

From a September 30, 2015 article by Darrell M. West and Jack Karsten of Brookings:

The movement pushing for a $15 per hour minimum wage has succeeded in several large cities like New York, Los Angeles, San Francisco, and Seattle. These minimum wage increases coincide with falling prices for computers that can replace human labor in some low-skill jobs. A higher minimum wage changes cost considerations for businesses seeking to automate more of their operations. Increasingly, low-skill workers will not only have to compete with each other for jobs at higher wages, but also with computers. Staying competitive in a changing job market will require workers to specialize in tasks that computers cannot easily perform.

Which Candidate/Party is Most Favored by Economists?

In a survey conducted July/August of this year among 414 members of the National Association for Business Economics,
55% said that Clinton would do the best job as president of managing the economy,
15% said that Gary Johnson would, and
14% said that Donald Trump would.

In a survey conducted by the Financial Times late July this year,
70% of economists polled said a Clinton victory in November would be positive for growth in the US, compared with just under
14% for Trump.

In a survey conducted by Fortune in June, which included responses from 55 Fortune 500 CEOs,
58% said they would support Clinton in November and
42% said they’d support Trump.

A 2010 survey of 299 US economics professors found that
56% vote Democrat,
20.7% vote Republican, and
5.7% vote Libertarian.

A 2003 survey of 264 economists from the American Economics Association found that
58% vote Democrat,
23% vote Republican, and
2.7% vote Libertarian.