Defying the law of demand never works. If
all other factors remain equal, the higher the price of a good, the
less people will demand it. That's the law
of demand, a fundamental idea in economics. And yet there is no
shortage of politicians, pundits, policy wonks, and members of the
public who insist that raising the price of labor will not have ... MORERonald Bailey: The Minimum Wage And Magical Thinking
Defying the law of demand never works. If
all other factors remain equal, the higher the price of a good, the
less people will demand it. That's the law
of demand, a fundamental idea in economics. And yet there is no
shortage of politicians, pundits, policy wonks, and members of the
public who insist that raising the price of labor will not have ... MORE