134. Praxeology in One Lesson with Conza
The Bitcoin Standard Podcast
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The Minimum Wage Is a Great Example of Lexiological Reasoning
In my forthcoming book, Principles of Economics, the textbook, which you're reviewing at this point, I don't know if you've got this or if it's a, but that's the exact example that I use to illustrate the distinction between lexiological reasoning and mainstream economics reasoning. And I think minimum wage is a great example because from the Keynesian status to neoclassical economics perspective, there's a bunch of equations and a bunch of numbers we look at. We plug in those aggregates and then we can figure out what would be the best thing to do for the minimum wage.
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