Economic Reality vs. Political Rhetoric | The Aneesh Karve Series | Episode 5 (WiM272)
The "What is Money?" Show
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The Importance of Empirical Proof Points in Economics
Robert Kagan: Minimum wage actually leading to the cutting of hours, that's an empirical support point for Mises much older theoretical theory. If you want to eliminate institutional unemployment, which I think Mises defined as any unemployment resulting from interference, you have to remove all the interference and let the labor market clear where supply and demand intersect, he says. Kagan: We know full well that minimum wages create unemployment. It is a price floor that's creating unemployment. You cannot fix unemployment with the thing that creates it.
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