Many economic arguments take this form and are pretty solid, eg “although lowering the minimum wage would cause many to get paid less, in the longer term more would be willing to hire, so there will be more jobs, and less risk of automation to those currently with jobs. Also, services would get cheaper which benefits everyone”.
The arguments are as valid as any other price-floor argument, the reason many economists are skeptical is (according to my understanding of the evidence) because of limited experimental validation, and opposite effects when looking at correlational data, however with many of that correlational data one is reminded of the scientist who believes that ACs make rooms warmer rather than cooler. That is, it seems very likely that believing minimum wages are good is a luxury belief which people can afford to hold & implement when they are richer and their economy is growing, so you see a correlation between minimum wage levels and economic growth. Especially in developed OECD countries.
Many economic arguments take this form and are pretty solid, eg “although lowering the minimum wage would cause many to get paid less, in the longer term more would be willing to hire, so there will be more jobs, and less risk of automation to those currently with jobs. Also, services would get cheaper which benefits everyone”.
There doesn’t seem to be consensus among economists regarding whether those “solid arguments” actually describe the world we’re living in, though.
The arguments are as valid as any other price-floor argument, the reason many economists are skeptical is (according to my understanding of the evidence) because of limited experimental validation, and opposite effects when looking at correlational data, however with many of that correlational data one is reminded of the scientist who believes that ACs make rooms warmer rather than cooler. That is, it seems very likely that believing minimum wages are good is a luxury belief which people can afford to hold & implement when they are richer and their economy is growing, so you see a correlation between minimum wage levels and economic growth. Especially in developed OECD countries.