This piece was originally published by the Ludwig von Mises Institute on February 11, 2013.
Employment law is a mainstay of state economic policy. Few question its efficacy as a means to correct “market failures”—like unlivable wages for meaningful work—that would leave society in shambles. In fact, no serious debate exists among American policymakers about…
Tag Archives | minimum wage
Waging War on Work
The Government “Safety Net” is a Fleeting Fantasy
Writing about the record number of Americans purportedly living in poverty, Think Progress blogger Travis Waldron makes a huge economic error when considering the effects of government “safety net programs”. See his quote below:
“The number of workers in poverty would be even higher were it not for government safety net programs that have reduced…
Minimum Wage Distorts Reality
A price control is a legal price established by the government that forbids the selling of a good or service above some maximum or below some minimum price. It is an example of triangular intervention—the state coerces two parties to exchange at a certain price. The direct consequence of the effective maximum price control is…
Romney is Wrong on Minimum Wage
When asked about the minimum wage over the weekend, leading GOP presidential candidate Mitt Romney gave the following response:
“My view has been to allow the minimum wage to rise with the CPI [Consumer Price Index] or with another index so that it adjusts automatically over time. I already indicated that when I was governor…
The Only Supporters of a Free Market are Children!
Those of us who are mature, sophisticated, and all grown up know that without government regulation we would all live in slums and be poisoned by the food we eat. Or so Huffington Post writer Carl Gibson would like you to think in his hit piece on Ron Paul’s free market ideas. In this article,…
$12/hour minimum wage?
Saving our economy is only a minimum wage hike away, according to James Galbraith. Galbraith is not the first to commit such a basic economic error, as we have pointed out. In Galbraith’s words:
“Raise the U.S. minimum wage. By a lot — let’s say, to $12 an hour, from the current rate of $7.25.”…
Minimum Wage: $100/hr!
San Francisco is not the only area on the precipice of a minimum wage increase. This NYT article states that 8 states will see an increase in minimum wage on the new year. While most economists do, indeed, agree that the inevitable result of minimum wage is increased unemployment, the article, nonetheless, trots out several…
Think Progress? Think Again.
The fallacy of the minimum wage has reared it’s ugly head yet again!
Progressive political blog Think Progress announced on Wednesday that San Francisco will be the first US city to have a minimum wage above $10. Citing the Economic Policy Institute, they wrote:
There are eight states that have legislated annual, inflation-linked increases in…
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Reality TV Inventor Loses Big to ‘Buy American’ Fallacy
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Unlearning Economics
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MIT Economist, Former IMF Chief Engages Ron Paul on Banking and Makes an Interventionist Mistake
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The Monopoly Bogeyman
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How My Naïve Perception of the Economics Profession Eventually Changed
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Tenets of Economic Faith
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Economics as Religion: The Paradox of Self-Interest
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Waging War on Work
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The Dark Side of Monetary Inflation
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In Praise of Speculators
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Chris A: With due respect Nicholas, I think is has zero int...
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Nicholas Freiling: Chris, What effect do you think economic inter-...
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David: Doesn't the Fed increase the money supply by purc...
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