Walter Block Explains the Minimum Wage
In this video, Dr. Boyd Blundell takes me on in a debate on minimum wage.
I argue that:
Minimum wage cuts off the rungs of the economic ladder. So, the rungs represent classes of workers. The lower the rung the lower the market revenue production of that worker. Hence, the higher the rung the higher the market revenue productivity of the worker. The higher the minimum wage law is the more rungs will be cut off and thus the more people will lose their jobs due to not bringing in as much money as the wage their corresponding employers must pay them via the minimum wage law. Block states businessmen are not in it to lose money, they are in business to make money. The market revenue product is basically the revenue that the employee brings in to is employer.
Blundell states that:
-Libertarians are 94% White Non-Hispanics and that the male to female ratio is 2 to 1. This he says is because it suites them well at the expense of those who do not belong to this group.
-He compares Block to Christian fundamentalists because he does not apply the scientific method in economics to test hypothesis:
Walter Block is the Harold E. Wirth Eminent Scholar Endowed Chair in Economics at Loyola University, senior fellow of the Mises Institute, and regular columnist for LewRockwell.com.
Click here to see an extensive online compendium of Dr. Block's publications.
Click here for a complete list of Dr. Block's books.