The Goal In The End Is Not

There's One Thing That The Fed Has Been Really Good At Cracking Down On, And That's Inflation.

In Short, What The Living Wage Is Really About Is Not Living Standards, Or Even Economics, But Morality. Its Advocates Are Basically Opposed To The Idea That Wages Are A Market Price-determined By Supply And Demand, The Same As The Price Of Apples Or Coal. And It Is For That Reason, Rather Than The Practical Details, That The Broader Political Movement Of Which The Demand For A Living Wage Is The Leading Edge Is Ultimately Doomed To Failure: For The Amorality Of The Market Economy Is Part Of Its Essence, And Cannot Be Legislated Away.

Evidence And Expertise Have A Well-known Liberal Bias.

So What Are The Effects Of Increasing Minimum Wages? Any Econ 101 Student Can Tell You The Answer: The Higher Wage Reduces The Quantity Of Labor Demanded, And Hence Leads To Unemployment.

What The Depression Teaches Us Is That When The Economy Is So Depressed That Even A Zero Interest Rate Isn't Low Enough, You Have To Put Conventional Notions Of Prudence And Sound Policy Aside.