Economic valuation, as such, is only meaningful when related to the possible employments of an economic good, and such employment can only be carried out by acting human beings.
As Murray Rothbard so rightly put it, minimum wage laws translate into “compulsory unemployment.” They don't provide any jobs. They only outlaw them.
Brian Maher of the Daily Reckoning quotes Murray Rothbard and me in his incisive critique of Modern Monetary Theory (MMT), which has lately been embraced by proponents of the "Green New Deal."
Marginal tax rates in the 1950s and 1960s don't reflect how much wealthy taxpayers actually paid in taxes. They paid far less than Alexandria Ocasio-Cortez thinks.
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