The problem is that there are not enough dwellings to satisfy the demand at prevailing prices. And the fact is that someone has been interfering with prices.
Paul Poirot
Paul Poirot edited The Freeman for the Foundation for Economic Education (FEE), from 1955 until his retirement in 1987. He continued as editor emeritus of the magazine until the time of his death in 2006. He was a 1936 graduate of the University of Illinois and earned a doctorate in agricultural economics from Cornell University in 1940. He was employed as an economist by the US Office of Price Administration in Washington, DC from 1941 to 1945. It was here that he learned the vagaries of government control first-hand.
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Except for such differences in detail, fixing a minimum wage by law has come to be a bipartisan project. That may indicate good politics — but it is no assurance that a minimum wage law will accomplish what is claimed for it.
