REAL ECONOMISTS DON’T DO MINIMUM WAGE

One of the other things that happened in 1776 was the publication of a book, An Inquiry into the Nature and Causes of the Wealth of Nations, by the Scottish moral philosopher Adam Smith who became the father of modern economics.  Since then we’ve had a proliferation  of people known as economists.  Originally they sought to better understand the Smith’s “invisible hand” as it relates to such things as free markets, supply and demand and market pricing.  There are still economists working to enlarge on what he brought forth, but there are others who call themselves economists but actually believe that governments rather than the market should set prices.  Logically the name economists can’t cover opposites.  The market people got there first so they should have the name.  Maybe those that believe the opposite should be called faux economists.  Is there an easy way to tell  the difference between real and faux economists?  We submit the argument over raising the minimum wage is a great place to separate real from faux. Continue reading