Comment by ogogmad

Slightly OT: Regarding the raising of the minimum wage example, is there a reason why the following linear argument is not universally accepted?

  > The more something costs, the less of it people buy;
  > THEREFORE the more that hiring people costs, the fewer people get hired;
  > SO raising the minimum wage raises unemployment.

I doubt anything in economics is as linear as WHEN PRICES GO UP THEN PURCHASES GO DOWN, especially given demand inelasticity, feedback loops, and other things that complicate such a model.