Category Archives: Unintended consequences

The Law of Demand Applies to Labor

A foundation of economics is the law of demand: at higher prices, less of a good or service will be purchased than at lower. While most people comfortably accept the law of demand for most goods and services, many resist accepting it for low-skilled labor. They don’t want to believe that minimum wage laws, by forcingContinue Reading

Ironical Wisdom from Joseph Epstein

One might think the board of directors of the Good Intentions Paving Co. are all liberals, but they are not. One of the firm’s most impressive undertakings was hatched in the Oval Office among George W. Bush, Dick Cheney and Donald Rumsfeld. Why not, they decided, knock off a wretched tyrant and bring democracy to a MiddleContinue Reading

Let Market Forces Regulate – Baby Swaddling

Guest post from my former student John K. Ross: A common complaint against government regulation is that regulators cannot possibly appreciate each individual’s differing preference for risk. For instance, in the last few years several states have prohibited day care centers from swaddling infants in blankets, an ancient practice that helps babies sleep. State regulatorsContinue Reading

Against Prohibition

Our friends at the Reason Foundation have produced a film that I hope will spur protest at the U.S. government’s endless, fruitless, merciless war on people who wish to use drugs. The producer, Paul Feine, is a former student and colleague of mine. I have just had email from him saying, “The film will beContinue Reading

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