Arnold writes:

I think that policies like the minimum wage or the laws to force Wal-Mart to pay more in health care benefits are issues where the economic impact is small relative to the emotional activation. People on the left get really mad at what they perceive as injustice, and those of us on the right get really mad at what we perceive as economic ignorance, but in the end there probably is not much impact one way or the other from these policies.

Maybe not in places like the U.S. where these policies are not strict – or at least keep a lot of safety valves open. But we should never forget how awfully these policies have worked in much of Europe for the past three decades. (And if you don’t believe me, how about Krugman?)