Wednesday, July 22, 2015

"Living wage"

It's hard to say whether there is greater voyeurism re other people's sex lives or their incomes (even better, their net worth). LA politicians and their allies (see non-stop LA Times cheer leading) are all over this because they (somehow) know what various people "need", what "living wages" everyone should have, and  how these can be achieved by edict. Today's Times coverage cites the MIT "Living Wage Calculator".  Who knew?

Everything we thought we knew about subjective choices and tastes, scarcities, trade-offs, productivity, prices, and the wisdom of politics and politicians goes out the window. The feel-good fest of redistribution is just too alluring. Greece never happened.