- Cafe Hayek - http://cafehayek.com -
Quotation of the Day…
Posted By Don Boudreaux On February 28, 2014 @ 7:56 am In Reality Is Not Optional,Seen and Unseen,Work | Comments Disabled
… is from page 65 of the manuscript of Deirdre McCloskey ‘s forthcoming volume, The Treasured Bourgeoisie: How Markets and Improvement Became Virtuous, 1600-1848, and Then Suspect:
Stopping people from taking terrible jobs – through prohibitions or protections or minimums, justified by the warm if mistaken feeling over one’s second cappuccino that one is thereby being generous to the poor – takes away from the poor what the poor themselves regard as a bettering option. It’s theft from the poor of deals the poor want to make.
Indeed so. Minimum-wage legislation and similar interventions rob the poorest people in society of options; these interventions steal from the poorest people in society the very opportunities to earn income and to gain work experience that these people need most. No amount of seminar-room theorizing about monopsony power – especially as such theorizing is done almost exclusively by tweedy and self-righteous academics who refuse to put their money where their mouths are on this matter – justifies this injustice.
Article printed from Cafe Hayek: http://cafehayek.com
URL to article: http://cafehayek.com/2014/02/quotation-of-the-day-916.html
URLs in this post:
 Deirdre McCloskey: http://www.deirdremccloskey.com/
 Image: http://www.blinklist.com/index.php?Action=Blink/addblink.php&Url=http%3A%2F%2Fcafehayek.com%2F2014%2F02%2Fquotation-of-the-day-916.html&Title=Quotation%20of%20the%20Day...
 Tweet: https://twitter.com/share
Copyright © 2011 CafeHayek.com. All rights reserved.