The Implications of Minimum Wage Laws

Every attempt at passing price controls is backfired because this kind of central planning ignores the role of human action. Price controls treat economics as if it were about material objects rather than human action. The sound economist understands humans are constantly acting to improve their lot in life. Imposing legal punishments on any peaceful economic activity, they might choose cannot lead to an improvement in their lives. Such approaches promise much but deliver very little in terms of reliable and useful insights.