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Your argument from authority doesn't hold. Many other economic experts consider a wage floor to be good policy. It is not a settled area of economics.
by guelo 7y ago
Your argument from authority doesn't hold. Many other economic experts consider a wage floor to be good policy. It is not a settled area of economics.
- ben509 7y agoThe trustworthy experts are the self-interested ones. The sugar producers, for instance, have a price floor for the goods they supply. But they have experts who know the danger of price floors, so they made sure their deal requires that the government purchase unsold sugar. And, of course, even that doesn't prevent sugar consumers from using alternatives, hence the number of products that replace sugar with high-fructose corn syrup.
- gojomo 7y agoI agree it's unsettled! My complaint is that the article treats the matter otherwise: only referring to "experts" who think a rising wage floor is overdue, and only quoting those with pro-price-control beliefs (like representatives of the large-labor-union-funded EPI). That's in keeping with the article's myopic, misleading, pandering headline that ignores over a century of pre-1938 precedent.