Production Theory

This means that employment among the young, the inexperienced, and unskilled will decline with the institution of a higher minimum wage.

What's truly ironic is that this alleged benefit is reduced when the government forces every business to raise wages.

In a letter to Mill, dated July 27, 1820, Ricardo refers to the doctrine that a general overproduction is impossible and that capital can never increase too rapidly, as "Say's and your doctrine of accumulation."

People voting for the minimum wage indulge a fantasy that they are helping the hard-working down-on-his-luck adult minimum-wage earner who is struggling to support a family. Instead they are preventing the sweet, earnest but maybe-a-little slow kid living down the block from getting that first job, because his output does not reach the economic level required by a wage that government has set too high.

This excerpt from an article on Americans abandoning U.S.

Here’s an interesting excerpt from an interview with David Card by the Mi

This morning’s New York Times business page reports

Perkins called his job that of an economic hit man — the person who makes the initial case for the infrastructure development with such optimistic (and purposely misleading) biases that they become deals that cannot be refused.

So — even if the current cycle is about to turn — it will surely complete the revolution and move upwards once again and possibly faster than we might expect, thanks to the benign self-interest of the millions of new Asian and East European entrants into our complex, highly interconnected, global economy.

Rockefeller, Carnegie, Dow, Hill, and other great American businessmen did more for America than all the big-government programs combined. These men were market entrepreneurs, not political ones.