The balancing act: Free money

By From page A4 | October 16, 2013

Jerry Brown thinks green is free so he just signed a new California minimum wage bill that raises the minimum wage from $8 an hour to $10 an hour instead of allowing the best arbiter of labor’s worth, the free market, to operate. Without going into a lengthy economic discussion of why wage and price controls never work (minimum  wage is a wage control), suffice it to say minimum wage laws violate the basic law of supply and demand and you will find fewer jobs are available at arbitrarily set higher wages. It is simply government interfering with a private contract.

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Larry Weitzman

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