It’s time for another (and perhaps the final?) round of the Stark/Studebaker Minimum Wage Debate. For those new to this back and forth, Stark, a broadly Keynesian blogger who has my respect, came out against Obama’s proposal to raise the minimum wage to $9 an hour. I responded to his argument, and since then we have had a back and forth. Stark has done us the service of compiling the relevant posts in order here. Stark took issue with some of the casual terminology I employed in my last post, and in the interval between that one and this one we have messaged back and forth via Facebook to sort out for our mutual benefit precisely what one another means. In some cases, I thought Stark’s terminological criticisms pedantic, but in other cases he was right to press for clarification. Fundamentally, if I write a post and an intelligent person (which Stark is) has trouble sorting out what is meant, that’s on me. Now that we have sorted out our positions, Stark has posted his latest attack on the minimum wage hike, and I think myself ready to take it on. So here goes.
Read the rest of this entry »