This one is from DB.

Dear Professor Lowry, can you name and discuss

the core traditional concepts in economics

that you feel haven't completely stood up to more recent scrutiny.

For example, economists back to Soles time were very concerned about the effect of the minimum wage

unemployment, yet in the last decade, several cities have passed their own minimum wage laws,

often around $15 per hour, without prices nor employment vastly affected.

There may be other examples such as the Phillips Curb or N A R U, N A, I R, you.

Also related, just broadly interested in your personal thoughts on which core economic concepts have caused the biggest cleavage in the field.

Thank you.

That's from BB.

Well, I don't agree with the premise of the question that the economic insight that minimum wages are an efficient way to address the problem of people not generating enough

income for themselves from labor has been disproven by the facts.

I don't agree with that.

There's a dispute.

I would call the viewers attention

to the work of David Newmark,

who's an economist at the University of California, Santa Barbara, who has written a number of interesting papers, perhaps we could link on this issue. The work of David Card is I think what the viewer may have in mind

a study comparing the effect of minimum wage laws across the state lines between

New Jersey and Pennsylvania using different policies in the states to identify changes that should, if the theory were correct,

the theory being that you would lose jobs at the low end and a bet the substitution away from low wage labor through

technological reactions of the low-wage employers, they substitute machines for people in order to avoid having to pay the higher wage and all that kind of stuff.

...