And Ezra Klein looked up from the field of debate, where the fate of the minimum wage was to be contested, andÂ behold! theÂ Libertarians had entered the fray,Â their standardÂ bearing aÂ Laffer curveÂ volant on a field of white, above the motto “You’re not the boss of me!”Â Matt Singer comments thus:
Meanwhile, Ezraâ€™s debating partner is also scoffing at minimum wage impositions since they teach you in Economics 101 that price floors produce surpluses. Right. In Econ 111, they also told me that they were oversimplifying the system. In Econ 311, I found out that the problem with the econ 101 models is that they assume perfect competition (which, in a labor market, would require that Bill Gates and I are nearly identical workers). And in Econ 313, we actually started studying labor markets.
Hereâ€™s a hint folks: If Econ 101 answered all the questions we ever ask about economics, they wouldnâ€™t still be giving out a Nobel Prize for the discipline.
Still, itâ€™s one more reminder of that old adage. Libertarianism: Political Philosophy for 13-Year-Olds.
IÂ differ stylistically, as I like to callÂ Libertarianism “adolescence as a political philosophy,” but, y’know, potayto/potahto.
Similarly, here’s a clip of John Stossel acutally using the “Well, then, why don’t you raise the minimum wage to forty dollars an hour, then?” argument.Â I gotta say, I have yet to be convinced that Stossel isn’t just a mendacious jackass.Â His whining about how the liberal media stifles his vital reporting doesn’t help.
Larry Kudlow seems to want to have ten thousand ofÂ Stossel’s babies, though, so he’s got that going for him.