Take a Walk on the Hedonic Treadmill
June 17, 2015
Here’s what happens when you raise the minimum wage to $15 an hour, according to scientists: Nothing. Well, not nothing. All kinds of bad things happen to the economy. But nothing happens for two groups of people central to the whole debate: workers who get a bump to $15 and employers who have to bump to $15 an hour. Most cities and states that have raised their minimum wage laws to $15 will phase in the increase over five years.