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
McDonald's CEO Just Explained How a $15 Minimum
Wage Would Blow Up in Workers’ Faces - Brad
|"No job is more classically
unskilled than that of “garbage man.” Yet
as wage rates rise, even for unskilled workers,
it eventually pays firms to invest in
labor-saving capital goods, such as mechanisms
that dump the contents of individual garbage
cans in to the backs of residential garbage
See: Don't Trash Market Forces
by Dr. Don Boudreaux, HERE
The Cocaine Price Support Program
So-called "price gouging" in emergencies is shown to be a blessing by Walter Williams HERE, HERE, HERE and HERE, by John Stossel HERE and HERE, by Alex Epstein HERE, Sheldon Richman HERE, by Russ Nelson HERE, Dimitri Vassilaros HERE, by Frank Bubb HERE, by John Lott and Sonya Jones HERE, by Gary Wolfram HERE, by George Reisman HERE, and amusingly by Don Lloyd HERE. The MORALITY of "gouging"is discussed by David Holcberg HERE and by Nick Provenzano 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.