Truly, Money is NOT All that Matters

by Don Boudreaux on April 22, 2006

in Myths and Fallacies

"Oh, you economists!  You think that the only thing people care about is money.  How ridiculous!" — such runs a typical accusation by people who know nothing about economics.

Economists, as a matter of fact, are especially aware that people care about much more than money.  That’s why, for example, economists understand that even low-skilled workers who find or retain jobs in the wake of a hike in the legislated minimum wage might nevertheless be worse off than if the minimum-wage had not been raised.

My latest column in the Pittsburgh Tribune-Review explains.


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