Important minimum wage research behind Nobel prize award
The ITUC global trade union confederation has noted the significance of the recent award of the Nobel prize for economics to David Card, Joshua Angrist and Guido Imbens. Their key research in the 1990s demonstrated that higher minimum wages do not mean fewer jobs, providing a powerful counter-argument to the often heard claims of employers and many governments about the negative effects of minimum wages. The ITUC argues that this prize is a serious indictment of many economists in that it has taken some 30 years for the facts to be given prominence over a damaging and groundless idea. It added