Essay Synopsis
~5 min original read (825 words)
Bureaucratic Overreach and Minimum Wage Laws
By Tae-Sik • Published June 18, 2020
Core Thesis & Overview
Minimum wage laws set artificial value thresholds that restrict the free exchange of labor and capital. By preventing low-skilled workers from selling labor at lower prices and stopping small businesses from hiring them, these laws create barriers to entry. Ultimately, government price-fixing harms the vulnerable and disrupts dynamic market coordination.
Key Takeaways & Analysis
A free society respects the individual. A free society allows for a frictionless exchange of products, services and labor. Laws are designed to be universal and add clarity and boundries in the interaction of sovereign individuals. Wages are paid to those who provide their time and services. Labor and time is paid in exchange for […]