Labor and Wages

The goods created by automation—and the labor freed up by it—become inputs for industries downstream.

Identitarians present a parody of human rights: only approved groups are recognized as victims. Unapproved individuals are lost in the balkanization despite the fact that, in the final analysis, only individuals suffer and cry out for help.

Gary Wolfram joins Bob to discuss Gary’s background as an economist in both academia and the political sphere, and why government intervention hurts the people it ostensibly helps.

Social activists now regard the minimum wage as another welfare program that can reduce the costs of programs like Medicaid and food stamps, and can reduce inequality. But the minimum wage is very poorly targeted for these purposes.

Let's take a sober and even-handed look at what economics and empirical studies have to say about minimum wage hikes. Krugman and Biden claim there's no evidence these hikes affect employment. But they are being misleading. 

Social activists now regard the minimum wage as another welfare program that can reduce the costs of programs like Medicaid and food stamps, and can reduce inequality. But the minimum wage is very poorly targeted for these purposes.

There are plenty of sound reasons to oppose government minimum wage laws, but there is one objection making the rounds that is based on bad economics and should be avoided, and that’s the "businesses will pass on the costs to consumers" objection.

It is only through the increase in capital goods, i.e., through the enhancement and the expansion of the infrastructure, that labor can become more productive and earn a higher hourly wage. 

There are plenty of sound reasons to oppose government minimum wage laws, but there is one objection making the rounds that is based on bad economics and should be avoided, and that’s the "businesses will pass on the costs to consumers" objection.

It is only through the increase in capital goods, i.e., through the enhancement and the expansion of the infrastructure, that labor can become more productive and earn a higher hourly wage.