Years ago, economists used to believe there was no such thing as a free lunch. Some now seem to have found one, however, in the proposed increase in the minimum wage. Raising the minimum wage by law above its market determined equilibrium, they argue, actually costs nobody anything. (Or at worst, costs nobody very much because it’s only a small, marginal increment, after all.) Is all this too good to be true? Damn right. But it sure plays well in the opinion polls. I tremble for my profession.
Wall Street Journal, 25 de Abril de 1996; The Filter
PS – Publicado no dia do ano em que por cá se comemora a Liberdade…
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