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How much is an hour worth? The war over the minimum wage

The long read: Some economists say it should be raised. Others say its already too high. But what if both sides are missing the point? No idea in economics provokes more furious argument than the minimum wage. Every time a government debates whether to raise the lowest amount it is legal to pay for an hour of labour, a bitter and emotional battle is sure to follow rife with charges of ignorance, cruelty and ideological bias. In order to understand this fight, it is necessary to understand that every minimum-wage…

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