1/ To add a little texture to @NickHanauer's thread, it's important to recognize that there's a good reason why orthodox economists (& economic cosplayers) so vehemently oppose a $15 min wage:
The min wage is a wedge that threatens to undermine all of orthodox economic theory.
1/4 Most people, especially academic economists, think that the controversy over the minimum wage is a contest over facts. It's not. It's a contest over power, status, and wealth. It is just like the contest over racial and gender justice.
— Nick Hanauer (@NickHanauer) January 17, 2021

https://t.co/SjPUBEzedr
https://t.co/5VQ70XuX5Q
e.g. tweets like this:

Thought experiment: imagine you've spent years working your way up to $15/hour...
a) Continue to earn $15 while the newbies get $7.25? or
b) Get a bump up $16 while the newbies earn $15?
The orthodox behavioral model says b) every time! It's just not in your self-interest to turn down an extra $1/hour. That's $2,080 a year!
Fortunately, that example is just a hypothetical.
More from Economy
For 400 years inflation has NOT been in a "mountain range" of up and down, but rather stair-stepped in giant increases, always associated with major transformations in economic arrangements.
The only way that debt comes down is if rest of world flips to trade deficit status w/US (I.e., trades accumulates $USD from prior trade surpluses w/US for actual goods & services). Not likely anytime soon. $USD as global reserve currency requires massive public debt.
— David "Most Vicious Dogs & Ominous Weapons" Herr (@davidcherr) January 15, 2021
Most Western countries are already starting to reconsider whether Hong Kong will remain a viable trading centre.
— Isaac Cheung | \U0001f1ed\U0001f1f0 | (@SoAlive0513) February 15, 2021
When the entire world stops trading with HK, how will HK be the financial center of the world?
I doubt tourism would be any better in the next few years either lol
https://t.co/6wuRzXGkYZ The West propaganda seems to make people think we are cracking down on 🇭🇰 people because we no longer need them and we will inevitably suppress their rights. Every now and then, I talk with people in 🇭🇰 who think the Great Firewall will extend to 🇭🇰
🇺🇸-led liberal order is very strong to come across 🇭🇰 people and make them believe what they want. Brainwashed people don't think rationally and fall for the lies and propaganda. This guy is one among so many others I met in 🇭🇰 who told me the same thing, that the city is doomed
They couldn't be more ignorant ! Unfortunately they will end up leaving the city and missing out on incredible opportunities... But they don't know that nothing will eventually change after 2047 ? 🙃Let me explain you why
I bet even after 2047 🇭🇰 will still enjoy a high degree of autonomy and freedoms that its mainland counterpart can’t enjoy : an independent legal and financial system, English as one of the official language, an access to the West internet, its traditional medias, etc.