LETTER: Yes to nirvana economics
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.From Mr Richard Dickens
and others
Sir: In response to Deepak Lal's "refutation" of minimum wages ("Minimum wage, maximum woe", 15 February), which criticises recent economic approaches that do not find a harmful role of minimum wages (what Professor Lal likes to call "nirvana economics"), we would like to point out the very blinkered view Professor Lal takes.
A more careful reading of the available evidence suggests that the impact of minimum wages on employment in the United States and Britain is minimal. And, rather than being a poor anti-poverty device, those individuals who are more likely to be affected by minimum wages do seem to come from poorer families. (See several of our recent pieces of work which are available from the Centre for Economic Performance at LSE).
If this is nirvana economics, it is surely preferable, and more useful in informing the current policy debate on minimum wages, to what sounds like mean spirit.
Yours sincerely,
RICHARD DICKENS, STEPHEN MACHIN, ALAN MANNING, STEPHEN WOODLAND
Centre for Economic Performance
London School of Economics
and Political Science
London, WC2
16 February
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments