My letter to the NY Times re: Free Market Capitalism Works Every Time

Re: Dwindling Tools to Raise Wages, by Eduardo Porter

Capitalism-works-me-lambertDear Sirs:
Economic law is a deductive and not empirical science, meaning that market research cannot determine the effects of raising the minimum wage.  We know by the laws of logical deduction that if the marginal utility of labor is below the cost of labor, which includes ALL costs not just the objective salary, unemployment will exist.  Mr. Porter should ask himself why the New York Times pays him more than the statutory minimum.  I’m sure that Mr. Porter is worth more than the minimum and if the Times failed to pay him what he is worth, he would go to work for someone else who would pay him more.  This application of economic law pertains to low wage workers, too.  Mr. Porter says that “the most compelling argument for raising the minimum wage is simply this: It is worth a try.”  I suggest that we try something that works every time–free market capitalism.

Patrick Barron

This entry was posted in News/ Lessons. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s