Ron Bailey on the Minimum Wage and Magical Thinking
If all other factors remain equal, the higher the price of a good, the fewer people will demand it. That's the law of demand, a fundamental idea in economics. And yet there is no shortage of politicians, pundits, policy wonks, and members of the public who insist that raising the price of labor will not have the effect of reducing the demand for workers. In reality though, as Seattle begins its $15 per hour experiment, points out Ron Bailey, defying the law of demand will end up harming lots of the people minimum wage proponents aim to help.