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12min chapter
257. Principles of Economics: An overview
The Bitcoin Standard Podcast
The Subjective Nature of Value and Minimum Wage Laws
This chapter examines minimum wage laws through an Austrian economic lens, arguing that such regulations can increase unemployment due to businesses adjusting to wage changes. It emphasizes the subjective perception of value and the importance of time in economic interactions, using examples like the water-diamond paradox to illustrate these principles.
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