This Is A Serious Analysis

So What Are The Effects Of Increasing Minimum Wages? Any Econ 101 Student Can Tell You The Answer: The Higher Wage Reduces The Quantity Of Labor Demanded, And Hence Leads To Unemployment.

In Short, What The Living Wage Is Really About Is Not Living Standards, Or Even Economics, But Morality. Its Advocates Are Basically Opposed To The Idea That Wages Are A Market Price-determined By Supply And Demand, The Same As The Price Of Apples Or Coal. And It Is For That Reason, Rather Than The Practical Details, That The Broader Political Movement Of Which The Demand For A Living Wage Is The Leading Edge Is Ultimately Doomed To Failure: For The Amorality Of The Market Economy Is Part Of Its Essence, And Cannot Be Legislated Away.

When Depression Economics Prevails, The Usual Rules Of Economic Policy No Longer Apply: Virtue Becomes Vice, Caution Is Risky And Prudence Is Folly.

You Really Have To Go Searching Desperately To Find Any Contemporary Examples Of Good, Old-fashioned Runaway Inflation.

I Have Friends, Political Scientists, Sociologists, Who All Share An Interest At Least In Certain Kinds Of Science Fiction.