I’ve seen plenty of places talk about which calculators we should all use for science, engineering, finance, and real estate. What bothers me is that there are plenty of great calculators, but nobody talks about what you should use for economics. On top of this, you’ll find that there are people who get ridiculous and say things like, “You don’t need much more than a simple $3 calculator from Target.” This leaves most of us in the dark when shopping for calculators.
As economics majors, we sometimes get screwed over when we think that we can just buy a fancy $150 graphing calculator and find out that our professors don’t allow them. Luckily, I’ve done some of the hard work and research by looking into things for us.
After Seattle passed legislation to raise its minimum wage to $15, we’ve seen some restaurants and business owners announce that they’re expanding and even opening completely new restaurants around town. Supporters everywhere have deemed the legislation very successful. The only issue is that there isn’t any evidence that it’s really successful yet; the law doesn’t go into full effect until seven years after the law has been passed.
Currently, the law has pushed the minimum wage in Seattle up to $11 per hour. While there have been many cases of restaurants announcing their planned (not yet in stone) expansion, there has finally been one business that is publicly announcing their closure. To understand everything, we’ll need to go into the law itself a little bit as well as explore the unintended consequences people didn’t understand before supporting this law. We must get into this before understanding how this “success” is actually a bubble.