With #Japan’s ridiculously low wages I am amazed that there would be anything unexpected about a drop in private consumption.
“…unexpected drop in private consumption cast a pall over the outlook…”
#economics #politics #Jpoli #oligarchy #PoliticalEconomy #minwage

From: @mainichi
https://famichiki.jp/@mainichi/110890966184461163

Increasing the #minimumwage to 15 dollars an hour or more has large positive impacts on #employment, not only on low wage earners but also on mid wage earners as well… more jobs and higher wages across the board.

If you see out-of-date economists arguing that increasing the #minwage kills jobs, replace their words with “I believe the earth is flat” because their claims are just as incorrect.

#labor #economics #monopsony #oligarchy

https://irle.berkeley.edu/publications/working-papers/high-minimum-wages-and-the-monopsony-puzzle/