Economics

The Real Minimum Wage is Always $0

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Very few people are paid only the minimum wage, with almost all of those being teenagers just starting in the workforce. Yet more minimum wage increase referendums are showing up on ballots, joining the ever-present promise of politicians to increase the minimum wage in exchange for votes. In this article, we examine the effects of mandated minimum wages and how they most often hurt those they are intended to help.

You Are Out of Toilet Paper Because You Hate “Gouging”

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One of the earliest and most noticeable effects of COVID-19 was the mad rush on common household items such as toilet paper. The result was that some households had enough toilet paper to last for years while others were forced to clean themselves by other means, such as napkins and washcloths. The prolonged empty shelves were not caused by the coronavirus, but rather were a price phenomenon. That rising prices are often deemed to be “gouging” resulting from greed culminated in a massive shortage of toilet paper. In this article we illustrate why it is best to let prices fluctuate with supply and demand, and why when they are not allowed to move freely shortages inevitably occur.

What is Economics?

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When I meet people and tell them my background in economics, I get a wide range of reactions and often some strange looks. What I have yet to have happen is for someone to ask me, “What is economics?” I really wish they would, because how most people would define economics is quite a bit different than the actual meaning of the term. In this post, we will show that the ideas of economics are not confined to money and apply to every area of life, and how a basic understanding of economic principles can benefit one tremendously in ways beyond financially.

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