Minimum Wage Misleads And American Economic Genius

Don Boudreaux at Cafe Hayek fights the good fight.

On the lie that is minimum wage.
But in an economic environment where people don't question minimum wage choosing to accept it at face value a wise piece of policy designed to help people who would otherwise be raped by the market, taking such a stance is bound to cause outrage among the Zombies.

He offers a quote:
But once such central “economic” contributions to growth [such as people's savings] are recognized we must turn to the contribution made by the values of the people themselves.  These values drove the “productivity” gains, for they prompted the American willingness to accept persistent novelty in production.  Without such willingness Americans would never have put up with the costs of growth – job turnover, migration, high depreciation of machinery, destruction of business investments, and the harsh obsolescence of human skills and training.
Visitors to the United States have long remarked how unusually willing Americans were to accept novelty in the economic process….  Such open mindedness brought a near endless series of innovations which persistently drove up the nation’s productivity.
 Of course this is obvious to anyone with a sober mind. Americans kicked ass. Serious ass.

It's the greatest economy the world has ever known. But shhh. You can't really say that in the interest of not hurting, you know, feelings.

Every country is great!


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