Thursday, February 20, 2014

Head scratchers

We suspect that many people are not well informed.  Why should they not believe that wages can be set by edict and that there are no consequences?  Why not believe in free lunches?  This study suggests that widespread ignorance is even worse than we suspect. 

There is also What is Seen and What is Not Seen (Bastiat). Raise the minimum wage and there will be winners and losers. The CBO Report provides the details. But the winners are easily seen; no one can see a job that was never offered.

But in a world where many believe the Sun circles the Earth, backers of the wage hike can challenge the CBO Report with impunity. The evening news can feature people who challenge, ponder and/or scratch heads at such an astonishing study.

Timothy Taylor puts the minimum wage boost in context. But asking the Sun-circles-the-Earth people to grasp the context is a very big order.