Next month, the minimum wage in America is going to raise from $6.55 an hour to $7.25 an hour. The $6.55 to $7.25 jump is the last of the increases to the minimum wage under the Fair Minimum Wage Act of 2007. The minimum wage is a sexy law; politicians can stand hand in hand with the lowest income workers and say, “I’m fighting for you!”. Unfortunately, the low income workers are holding the hands that hold them down.
Read the rest of this entry »Supply and Demand (And Other Economic Arguments Against the Minimum Wage)
On June - 13 - 2009
A Modest Proposal – More (Gas) Taxes!
On May - 27 - 2009
Assuming reducing the United State’s usage of oil is a worthy task, the method used to go about it is all wrong. CAFE standards mandate the production of a certain class of vehicles… generally smaller and more efficient. However, there is no disincentive to convince consumers to stop buying the larger, more inefficient vehicles. Read on for a look at some of the myths and solutions to this interesting problem…
Read the rest of this entry »Economics: The Dismal Science?
On May - 27 - 2009
Economics and, more specifically, economists have taken a lot of flak lately for its inability to predict the current financial crisis as well as general distrust of Economics’ predictions. This article intends to deal with a lot of these misconceptions and to give a more clear vision of what Economics succeeds in doing and what its limitations are…
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