Monday, March 31, 2014

Here Comes The Sun...

Kevin D. Williamson writing at National Review Online:
Economics is hard, and it gets harder the deeper you go into it. But there are some economic truths that are both pretty easy to understand and necessary to understand. Supply and demand don’t always move in smooth, predictable curves, but the relationship between them is not optional, because consumers and producers are real people, not imaginary constructs in somebody’s policy model. Interfere with the supply of sugar and prices will go up. Raise the price of labor and demand for it will go down. That is reality, and reality is not optional.

The minimum wage is almost always presented by the Left as a moral question rather than an economic one, mainly because the economics are pretty plainly against the Left on the question, while it’s always easy to cook up a plausible moral rationale for whatever economic interference seems good at the moment, which is why our economic policy is such a swamp of contradictions and special-interest rent-seeking. (“Morass” is not a contraction of the phrase “moralizing asses,” but it should be.)
Outstanding piece - read it all...

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