Tyler Cowen counsels on the lesson not to draw from the recent CBO report on the likely consequences of raising the minimum wage:
Spin it as you wish, we should not have a major party promoting, as a centerpiece initiative and for perceived electoral gain, a law that might put half a million vulnerable people out of work, and that during a slow labor market.
And the American people will never understand the ins and outs of the monopsony debate and the like. Overall, what kind of useful lesson is being taught here about the determinants of wages and prosperity?
I’m sorry people, but those are the bottom lines on this one.
Doug Bandow explains that a free market in ivory can save the elephants.
My Mercatus Center colleague Matt Mitchell explains that higher income taxes reduce work effort.
Maxim Lott ponders betting with Bitcoin.
Richard Rahn wisely argues against spending taxpayer funds on the likes of the IMF, the World Bank, and the OECD.
Marlo Lewis ponders the social cost of carbon.