Celebrating humanity's flourishing through the spread of capitalism and the rule of law
20 Jun 2014 Leave a comment
in labour economics, minimum wage Tags: Deirdre McCloskey, minimum wage
“Jobs” are deals between workers and employers, and so “creating” them out of unwilling parties is impossible. The state, though, can outlaw deals, and has.
So: eliminate the minimum wage for people younger than 25. The resulting boom in jobs for young people will amaze.
Maybe it will inspire voters to get the state out of the job-outlawing business. Probably not, so sure are we that the state “protects” by stopping deals between willing parties.
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