- Is this trying to say that all economics is fundamentally misleading or useless?
- Is it possible the oversimplification of economics that matters?
- Consider the lack of counterfactuals
Are there beneficiaries of the systematic oversimplification of economics?
- Consider this: Is it possible that economics has a hidden value system and set of assumptions that supports certain political arguments better than others?
- Might it be better to consider economics a way to think about difficult questions rather than find simple answers?
Wolfers & Zilinski on reasons higher wages might boost productivity.
- Motivate employees to work harder
- Attract more capable workers
- Leads to lower turnover
- Enhance quality of service & reputation
- Reduced disciplinary problems and absenteeism
- Devote fewer resources to monitoring
- Workers concerned about income security perform worse at work
- Better health & greater job satisfaction
Or is it, as labor becomes more expensive firms buy less of it
Poverty & the Working Poor