How can people still starve in a world overflowing with food and a vast international aid apparatus?
Economics can be counterintuitive and abstract, but it is also essential for understanding how the world works—especially when we’re trying to make policies in the spirit of good intentions.
Preston Cooper over at Economics 21 has written an excellent piece about minimum wage’s effects on employment. Economics teaches us that when you raise the price of a good, the amount of that good which is demanded goes down. This is true whether the thing for sale is ketchup or labor. Supporters of the minimum […]