https://pjmedia.com/spengler/2011/08/31/obama-will-get-an-economic-recovery-when-demand-curves-slope-upwards/feed/PJ Media is a leading news site covering culture, politics, faith, homeland security, and more. Our reporters and columnists provide original, in-depth analysis from a variety of perspectives.en-usWed, 10 Jun 2026 07:24:43 -0400<![CDATA[Mark Perry&#8217;s excellent Carpe Diem blog rehearses the miserable track record of President Obama&#8217;s new designee for chairman of the Council of Economic Advisors, Prof. Alan Krueger of Princeton. Back in 1994, after New Jersey raised its minimum wage to $5.05 an hour from $4.25, Krueger (with economist David Card) published a paper claiming that the higher cost of labor led to more rather than less hiring at New Jersey fast food restaurants. Demand curves, as Perry observes, slope downward on this planet (if something costs more, people buy less of it, including labor). But on Planet Krueger, demand curves slope upward, by magic.]]>Wed, 31 Aug 2011 14:19:52 -0400<![CDATA[David P. Goldman]]>https://pjmedia.com/david-p-goldman/2011/08/31/obama-will-get-an-economic-recovery-when-demand-curves-slope-upwards-n130490