The Myth of the Rational Voter, Minimum Wage Edition
By Bryan Caplan
Quoth David Neumark:
The accumulated evidence undermines the case for minimum wages even in
the best of times. I recognize that there is continuing debate about
some of the effects of minimum wages, and that strong public support
for higher minimums — regardless of the evidence — will likely lead
to future increases.
Or, to paraphrase Mises:
The world inclines to the minimum wage because the great majority of people
want it. They want it because they believe that the minimum wage will
guarantee a higher standard of welfare for the poor. The loss of this conviction
would signify the end of the minimum wage.