Thursday, August 16, 2012

Who Loves Bastiat and Who Loves Him Not, Bryan Caplan | EconLog | Library of Economics and Liberty

Who Loves Bastiat and Who Loves Him Not, Bryan Caplan | EconLog | Library of Economics and Liberty: "Take the minimum wage.  Normal people like it because the government waves a magic wand and makes mean employers give helpless workers extra money, with zero blowback.  So inane, yet so convincing to a psychologically normal human.  An intellectually serious argument, in contrast, begins by conceding the theoretical possibility of a disemployment effect, then defends low estimates of labor demand elasticity.  This is a huge improvement in intellectual substance, yet persuades only wonks."

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