So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment. [Those who advocate for higher minimum wages] very much want to believe that the price of labor--unlike that of gasoline, or Manhattan apartments--can be set based on considerations of justice, not supply and demand, without unpleasant side effects.
Fast forward 15 years. Paul Krugman, now a lapdog at the NY Times, wrote in support of a minimum wage increase:
. . . .workers aren’t bushels of wheat or even Manhattan apartments; they’re human beings, and the human relationships involved in hiring and firing are inevitably more complex than markets for mere commodities. And one byproduct of this human complexity seems to be that modest increases in wages for the least-paid don’t necessarily reduce the number of jobs.
All of which simply demonstrates that Mr. Krugman discovered that being a prostitute pays more than being an economist
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