Christina Romer Quotes


If every other store in town is paying workers $9 an hour, one offering $8 will find it hard to hire anyone - perhaps not when unemployment is high, but certainly in normal times. Robust competition is a powerful force helping to ensure that workers are paid what they contribute to their employers' bottom lines.


Citations

Romer, Christina D. "The Business of the Minimum Wage." The New York Times, 2 Mar. 2013, p. BU4.

Related Quotes

This is the classic conservative argument against raising the minimum wage. Historically, if the minimum wage was raised well after there has been a period of wage inflation, there has been little or no negative effect on the lowest paid workers. However, when the minimum wage has been raised during a period of wage stability, there is an effect of making some workers simply not worth the rate that they must be paid. However, even then, after a year or two, the negative effect begins to dissipate.


Ten cents a day was a very low wage—it was about the equivalent of a meal at a tavern at the time. Workers throughout the country were outraged and give him a derogatory nickname—see Quotation 643585.


Christina Romer
Christina Romer
  • Born: December 25, 1958
  • Nationality: American
  • Profession: Economist

Christina Duckworth Romer is the Class of 1957 Garff B. Wilson Professor of Economics at the University of California, Berkeley and a former chair of the Council of Economic Advisers in the Obama administration. She resigned from her role on the Council of Economic Advisers on September 3, 2010.