1. A wage subsidy for unskilled workers, paid for byNow ... you might wonder about the logic of part 2 of this proposal. ... Haven't heard of it? It is called an increase in the minimum wage.-- Greg Mankiw, HERE
"Minimum wage laws cause unemployment. I see this all the time [with my own eyes]." -- Larry Lawver, HERE
See: "if the logic of the minimum wage were correct -- exploitative employers can force people to accept whatever wage is offered to them! -- it would be difficult to explain why almost nobody earns the minimum wage (just one percent of workers over age 25), and essentially nobody earns it for more than one year." HERE
The minimum wage has a dark, racist history. And the great irony of it is that its malicious intent is being realized today. See the report HERE.
"Minimum wages started as a eugenics program: a high bar to enter the workforce would effectively ban 'inferiors and imbeciles' from earning money, and hence starve them out: exterminating them in one generation." (That’s a paraphrase from a mainstream economics book by Frank Taussig that appeared in 1912.) - Jeffrey A. Tucker HERE
Find 5 charts correlating minimum wage laws with minority employment HERE.
It turns out that
Workers Don't Need Government's Help to Earn Higher Wages.
Compensation is actually very closely tied to productivity
See the article HERE.
"Minimum wage laws criminalize jobs and ban work up to an arbitrary figure set by politicians." - Burnie Thompson
A Brief History of Minimum-Wage Disasters
The job losses are palpable; older workers, women & blacks are hardest hit.
So-called "minimum wage laws" are shown to be a curse by Dan Mitchell HERE, by Walter Williams HERE, by Thomas Sowell HERE and HERE, by Don Luskin HERE, by Mark Perry HERE, by Larry Lawver HERE, by Mark Tier HERE, by W. J. Rayment HERE, by Dale Amon HERE and by Jim Cox HERE.
"When the price of anything, including labor, goes up, the quantity demanded goes down, other things constant.... Workers cannot be paid what they haven’t first produced." -- James A. Dorn, HERE
MINIMUM WAGE LAWS ARE IMMORAL
Nobel Laureate Dr. Milton Friedman on Minimum Wage Laws:
Don Boudreaux shows how rent controls violate common sense HERE.
FORTY CENTURIES OF WAGE AND PRICE CONTROLS by Charli Coon
The Cocaine Price Support Program
Stupidity Watch: The New York Times' so-called "economics" columnist demonstrates his massive ignorance (and/or his evil agenda) in the most humiliating way possible -- in public -- big time (again) HERE.
Did you know that capitalism has planning? Yes, it does. In fact, it has THE very best planning of all. It's explained in: "CAPITALIST PLANNING AND THE PRICE SYSTEM" (from Chapter 5 of Capitalism: A Treatise on Economics by George Reisman) HERE or HERE.
"How REPEAL OF RENT CONTROLS Would Restore Harmony Between Landlords and Tenants" (from Chapter 7 of Capitalism: A Treatise on Economics by George Reisman) is HERE.
"THE ROOTS OF THE HOUSING SHORTAGE" by Gene Callahan is HERE.
"WHY RENT CONTROL IS IMMORAL" by Michael Berliner is HERE.
Here are observations on the history of Santa Monica's rent control laws.
"Economic Thoughts, Part XV: CONSEQUENCES OF PRICE CONTROLS" by Donald B. Hawthorne is HERE
"PRICE CONTROLS" by Hugh Rockoff from The Concise Encyclopedia of Economics is HERE.
"MINIMUM WAGES" by Linda Gorman from The Concise Encyclopedia of Economics is HERE.
"AUTOMATION vs. LOW-WAGE WORKERS" by Larry Lawver HERE.
"HOW ECONOMISTS THINK" and "PRICE THEORY -- WHY IT MATTERS" (Chapter 2 of Price Theory: An Intermediate Text by David Friedman) is HERE.
Some commentaries on how electricity price controls cause blackouts are HERE.
A comment on a leading newspaper's typical treatment of price controls is HERE.
LFB's bibliography of books which include analyses of price controls is HERE.
|"One of the key aspects of a market economy is that it efficiently sends resources where they are most valued." -- Gary Wolfram|
|"Price gouging laws exist for one reason ... to give these politicians bragging rights. While the politicians boast, the price gouging laws work to ensure a shortage of essential goods and services in the stricken areas. Some people think that the laws of supply and demand should only be allowed to work for items that people don't actually need." -- Neal Boortz|
|"Competition ordinarily pushes price down to marginal cost, paying no heed at all to costs that were sunk years ago." -- Peter Huber|
|"Certain kinds of economic controls tend to paralyze the driving forces of a free society." -- F.A. Hayek|
|"The existence of a price doesn't imply a supply." -- Don Lloyd|
|I pledge allegiance to the curve
Of supply and demand in equilibrium
And to the principle for which it stands
Market pricing, with low transaction costs
Yields utility and profit for all.
-- Alex "Thoreau" Small
|"Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations." -- Bryan Caplan|
|"Economics is that way of understanding behavior that starts from the assumption that people have objectives and tend to choose the correct way to achieve them." -- David Friedman|
|"Confronted with economic problems, politicians always blame the private sector first ... [even] blaming the problem on the solution." --Richard L. Gordon|
|"Minimum-wage laws are one of the most powerful tools in the arsenal of racists." -- Dr. Walter E. Williams, June 13, 2002|
|Consider this policy aimed to help workers at the bottom
of the income distribution:
1. A wage subsidy for unskilled workers, paid for by
Now ... you might wonder about the logic of part
2 of this proposal. ... Haven't heard of it? It is
called an increase in the minimum wage.
|"Minimum wage hikes destroy jobs." -- Larry Elder|
|"If you subsidize something, people want more of it." -- Alan Reynolds|
|See how politicians' razzle-dazzle "item-pricing" laws hurt consumers HERE.|
|"Men aren't fools; when it's raining soup, they have sense enough to grab a bucket." -- Michael Miller|
and one of the history of corporations HERE.