Many of us have been trying to teach the public that the laws of economics operate no matter what anyone thinks of them. They grow out of the nature of human action. But the message hasn’t gotten through. Around the country people are enthusiastically voting in referendums to raise their state's minimum wage above the federal $5.15 level. Petition campaigns to put the question on state ballots never fail, says the Ballot Initiative Strategy Center. As NPR's Mara Liasson reported on "Morning Edition" recently, "It's not hard to get people to sign."Read of rest of my latest TGIF column at the Foundation for Economic Education website.
What's going on?
. . . Our work is cut out for us advocates of the free market. Since the educational strategy we have pursued until now has failed with large numbers of lay people, I suggest a modified strategy: It is essential that principled opponents of the minimum wage not appear insensitive to the plight of low-income workers. Some people of course are responsible for their economic plight, but many others are put at a disadvantage by the mercantilist, mixed economy we live in. (Let's not forget, it's not laissez faire out there.)
Cross-posted at Liberty & Power.