4 ms·

In the science of economics the opposite is true. For example, Democratic support of minimum wages and other price controls, and especially their opposition to

In the science of economics the opposite is true. For example, Democratic support of minimum wages and other price controls, and especially their opposition to free trade, fly against the wind of economic science. I don't believe this is true. First, assertions that economics is a science seem...dubious at best. Secondly, actual economic research suggests that negative effects of the minimum wage in practice are quite small. It is true that people who have no more economic knowledge than that imparted by a first semester intro to economics class do not know that, but that merely underscores the danger of a little bit of knowledge. Finally, I have seen no evidence in the last decade that Democrats are particularly opposed to free trade deals per se. Can you cite some? I would point out that a great deal of some "free trade" deals actually has little if anything to do with free trade.

CWuestefeld 16y ago
negative effects of the minimum wage in practice are quite small True, but I don't know of any economist that disputes it. Yet when approached from a political angle, minimum wage is sold as an unalloyed good to help the most disadvantaged. The size of the effect might not be the biggest, but the degree to which it is contradicted in political discourse is extreme. I have seen no evidence in the last decade that Democrats are particularly opposed to free trade deals per se Well, Clinton was of course no worse than GWB, and possibly much better. But if you step outside the politicians themselves and look at the citizens, well, I hear a lot of chatter about ideas like "fair trade", which is simply stupid. In the broader field, which classical Keynesianism was thoroughly discredited by the 70s, I have to admit that more recent refinements aren't so easily discarded (although I do disagree with them). Even so, the Democrats have been trying to pretend that these ideas are all there is, spouting multiplier values as if there's any evidence behind them, and not acknowledging any of the market-based arguments (viz Austrians and Chicagoans) that would explain both the crisis itself, as well as the failure of the government policies. Democrats are to the economic crisis as Republicans are to climate change.

CWuestefeld 16y ago

negative effects of the minimum wage in practice are quite small True, but I don't know of any economist that disputes it. Yet when approached from a political angle, minimum wage is sold as an unalloyed good to help the most disadvantaged. The size of the effect might not be the biggest, but the degree to which it is contradicted in political discourse is extreme. I have seen no evidence in the last decade that Democrats are particularly opposed to free trade deals per se Well, Clinton was of course no worse than GWB, and possibly much better. But if you step outside the politicians themselves and look at the citizens, well, I hear a lot of chatter about ideas like "fair trade", which is simply stupid. In the broader field, which classical Keynesianism was thoroughly discredited by the 70s, I have to admit that more recent refinements aren't so easily discarded (although I do disagree with them). Even so, the Democrats have been trying to pretend that these ideas are all there is, spouting multiplier values as if there's any evidence behind them, and not acknowledging any of the market-based arguments (viz Austrians and Chicagoans) that would explain both the crisis itself, as well as the failure of the government policies. Democrats are to the economic crisis as Republicans are to climate change.