No one can defy the law of demand. If all other factors remain equal, the higher the price of a good,
the fewer 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 the ... MORERonald Bailey: Minimum Wage and Magical Thinking
No one can defy the law of demand. If all other factors remain equal, the higher the price of a good,
the fewer 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 the ... MORE