In Chapter 6 of the textbook, read “Why Market Forces Will Overwhelm a Higher Minimum Wage” by David Neumark then read the following Forbes’ article. While some information in the article is less current such as the anticipated Biden bill which has been outlined, the article provides a comprehensive history about the minimum wage.
Suppose you are an economist in charge of designing policy to help low-wage workers. Would you prefer a minimum wage or an earned income tax credit? Why?
