If you care about the people struggling to keep their jobs in a difficult economy, you should oppose raising the minimum wage: it hurts the very people you want to help
Reinforcing what economic theory tells us, evidence of the harm of price controls abounds in history, from the infamous 303 A.D. Edict of Emperor Diocletian in Ancient Rome to America’s 1970s gasoline price controls and, perhaps most infamously, New York City’s disastrous eight-decade-long experiment with rent control.
If the United States had had a free market in oil when the Arabs imposed their embargo, its oil supplies could not have been seriously jeopardized.
The optimal price government should pay for medical care, including prescription drugs, is $0.00.
Anti-price gouging laws are not only unjust, but to the extent they cause shortages in emergencies they also deprive people of things they need badly and would be willing to pay more for.
Higher prices charged have a couple of unappreciated benefits.
If there were no price controls or threat thereof, prices in the present situation would be high enough to keep stocks on the shelves.
The shelves aren’t empty because of free-market capitalism. They’re empty because of active interference with free-market capitalism.
Prices should rise during emergencies. That’s because prices aren’t just money; they are signals, information. They tell suppliers what their customers want most.
The government should have no business in controlling drug prices or regulating drug development.
Instead of finding (temporarily expensive) masks available for sale, we are confronted by “No masks available” signs everywhere we look.
We increasingly live in a new “dark age” of economic ignorance, and even stupidity. Few things exemplify this trend as much as the call for price controls over the interactions of multitudes of people in the marketplace of supply and demand. There are few government...
Allowing prices to rise to heights that accurately reveal the intense desperation of the situation is the surest means of encouraging additional supplies of vital goods to be rushed ASAP to the area.
Many high employment “countries such as Iceland, Norway, Sweden and Switzerland” have no minimum wage laws.
A mandatory minimum wage rate, to the extent it’s set above the market-clearing wage rate, causes unemployment.
Does a government-mandated minimum wage help or hurt the very workers and job seekers that Ocasio-Cortez wants to help?
After all the studies and the near-unanimous opinion of economists — and even after the negative real-world effect of the minimum wage — it still remains popular.
Its co-owner, Charles Milite, cited as the primary reason the city’s minimum wage law.
While Amazon has every right to choose how to compensate its workers, this minimum wage increase and Bezos’ encouraging the federal government to do the same are wrong.
The taxi lobby had called for everyone to be equally regulated. Instead, the commissioners made everyone equally free.
When Congress creates a special privilege for some Americans, it must of necessity come at the expense of other Americans.
It is incompetence or dishonesty for my fellow economists to deny these two effects of minimum wages: discrimination against employment of low-skilled labor and the lowering of the cost of racial discrimination.
I wrote a story about poor Clarence who retired in 1979, and even poorer Larry who retired last year. I created these characters to challenge the notion of calculating a real interest rate by subtracting inflation. The idea is that the decline of a currency can be measured by the rate of price increases. This price-centric view leads to the concept of purchasing power—the amount of stuff that a dollar can buy. It’s the flip side of prices. When prices rise, purchasing power falls.
"The top 25 hedge fund managers made more than all the kindergarten teachers in the country," declared President Obama in a discussion of poverty at Georgetown University. Calling them “society’s lottery winners,” he proposed to hike their taxes. Predictably, battle...
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