I thought this was quite an unusual event that we should not miss. 562 economists including Nobel Prize heavy weights (Granger, Klein, Samuelson, Solow) supported the increase of the minimum wage in the U.S.

Nowadays economists are often trained in Washington consensus way of thinking, along these lines higher minimum wage produces unemployment. I have seen may presentations showing what would have been unemployment in France if it reduced minimum wage to the US level (massive decline).

In global 21st century economy it s not so simple. Corporate profits share of global GDP went to all-time-high as globalization delivered a massive positive productivity shock. At the same time emergence of the global labor market reduced the bargaining power of employees and reduced the wage bill share in global GDP to very low levels.

562 economists think that higher minimum wage will help to reduce this bargaining power disparity the low wage workers face and will help fight poverty.