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...
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.
Let us consider one example of interventionism, very popular in many countries and tried again and again by many governments, especially in times of inflation. I refer to price control. Governments usually resort to price control when they have...
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....
Water is distributed in California and other Western states not by market prices but by the political process.
Have you ever been in an argument about whether we should raise taxes and then someone tosses out a real whopper? “The top tax rate for decades after World War II was over 90% and look how the economy boomed!” Or perhaps you read a Paul Krugman...
The battle over minimum wage is raging. Emotions are running hot. Some cities are setting the bar very high. For example, Seattle is mandating a $15/hour wage. Economically, the issue is very simple. Minimum wage laws do not raise anyone’s wage....
The principle here is that we need to look to greater economic freedom, not greater government intervention, as the path to economic improvement for everyone, especially the poor.