Behavioral economists and psychologists define as irrational anything that doesn't fit into a narrow model of behavior. Anything "irrational"—like buying the "wrong" stock—must be fixed with government regulation.
Let's take a sober and even-handed look at what economics and empirical studies have to say about minimum wage hikes. Krugman and Biden claim there's no evidence these hikes affect employment. But they are being misleading.
Not only will these amendments reduce the abuse of emergency declarations, but they will also help to decentralize power within Pennsylvania. While COVID-19 has allowed the executive branch to run wild, Pennsylvania is actually structured in a way that makes the decentralization of power easier.
Behavioral economists and psychologists define as irrational anything that doesn't fit into a narrow model of behavior. Anything "irrational"—like buying the "wrong" stock—must be fixed with government regulation.
There are plenty of sound reasons to oppose government minimum wage laws, but there is one objection making the rounds that is based on bad economics and should be avoided, and that’s the "businesses will pass on the costs to consumers" objection.
Not only will these amendments reduce the abuse of emergency declarations, but they will also help to decentralize power within Pennsylvania. While covid has allowed the executive branch to run wild, Pennsylvania is actually structured in a way that makes the decentralization of power easier.
What will be called a public health issue next? Gun violence (been there), transphobia (done that), religion, private schools and home schools? We would not be the first nation to lose its liberties on the installment plan.
It is only through the increase in capital goods, i.e., through the enhancement and the expansion of the infrastructure, that labor can become more productive and earn a higher hourly wage.
What works in a clinical setting may have totally different outcomes when applied as a matter of "public health." Indeed, one-size-fits-all public health measures can often lead to unintended and unwanted results.
There are plenty of sound reasons to oppose government minimum wage laws, but there is one objection making the rounds that is based on bad economics and should be avoided, and that’s the "businesses will pass on the costs to consumers" objection.
