By Forbes, June 29, 2016

So, Washington DC has decided to go ahead with that reduction in the number of future jobs by enacting the $15 an hour minimum wage in that city. This is probably not good public policy but such is the rhetoric about this subject at present that we’re unlikely to get good policy upon it. Some large percentage of the populace and a goodly portion of the political class just seems to think that there’s no downsides to assigning whatever numerals we wish as prices. Ignorant of the fact that prices really are prices and thus changing them changes peoples’ behaviour.
 

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