Conventional wisdom had long suggested the opposite.
,” a team of economists at the University of California, Berkeley examined 47 large U.S. counties where the minimum wage had reached $15 an hour by the first quarter of 2021, and compared their wage levels and employment figures to those of similar counties that hadn’t raised the minimum wage since 2009. They focused specifically on fast-food workers, so as to avoid the complexities introduced by the tipped-wages common among servers at more upscale restaurants.
Happily, the Berkeley economists thought of this. To correct for the possibilities 1) that high-wage cities are disproportionately likely to enact large minimum wage increases and 2) that high market wages attenuate the employment implications of high minimum wages, they isolated the impact of state-level minimum wages on counties that had neither enacted local minimum wage increases nor enjoyed above-average market wages.
Under conditions of monopsony, businesses do not need to offer competitive wages, since workers have few other employers they can turn to. Therefore, the market wage may substantially underprice the value that a given hour of labor actually provides to a firm. When the government steps in and forces wage rates up, businesses can afford to weather the increase in labor costs without slowing hiring, automating roles, or raising prices.
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