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this post was submitted on 26 Sep 2024
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Yeah kinda this, met way too many Economists who are on the economic right and most of the teaching is influenced by Chicago economics.
I remember when a minimum wage got introduced where I am and my macroeconomics professor was incredibly proud to show how this would cause unemployment. Turned out the minimum wage was so far away from what would be the equilibrium wage that there wasn’t ever an oversupply of workers because the minimum wage would have to be much higher than any politician would ever set it in order to cause unemployment. That is assuming such a thing as the equilibrium wage would actually exist in the real world.