In a blog post service almost the minimum wage, Bryan Caplan makes banker's complaint of a tension inwards unopen to of David Card's research. For those who don't know him, Card is 1 of the cracking empirical project economists of his generation. In some of his research, articulation amongst Alan Krueger, Card finds that increases inwards the minimum wage have negligible effects on employment. In other research, on the Mariel boatlift, Card finds that increases inwards the provide of unskilled workers have negligible effects on wages as well as occupation of existing workers.
Caplan notes that these results are hard to reconcile: The quondam suggests that project involve is highly inelastic, whereas the latter suggests it is highly elastic. That is a really adept point. While I was good aware of Card's famous query on these topics, I had non set them together as well as recognized the tension betwixt them.
To me, this brought to heed an econometrics course of education I took from Frank Fisher many years ago. Frank used to tell that the "iron police of econometrics" is that coefficients are biased toward zero. He meant that diverse problems, such equally criterion fault as well as misspecification, tend to enter difficult for researchers to detect an lawsuit fifty-fifty when 1 actually exists. Fisher's "law" overstates things, which was Frank's style, merely his basic signal is often right. Sumber https://gregmankiw.blogspot.com/
Caplan notes that these results are hard to reconcile: The quondam suggests that project involve is highly inelastic, whereas the latter suggests it is highly elastic. That is a really adept point. While I was good aware of Card's famous query on these topics, I had non set them together as well as recognized the tension betwixt them.
To me, this brought to heed an econometrics course of education I took from Frank Fisher many years ago. Frank used to tell that the "iron police of econometrics" is that coefficients are biased toward zero. He meant that diverse problems, such equally criterion fault as well as misspecification, tend to enter difficult for researchers to detect an lawsuit fifty-fifty when 1 actually exists. Fisher's "law" overstates things, which was Frank's style, merely his basic signal is often right. Sumber https://gregmankiw.blogspot.com/
