Quote of the Day

Upon observing an airplane fly, one doesn’t assume that apparently the law of gravity doesn’t apply to metal plane-shaped things. Rather, you intelligently realize instead that other forces must be in operation on the plane. Similarly, we should not assume that just because one doesn’t always see an observable, countable diminution in people employed related to the minimum wage in every specialized situation an academic looks for it, that on the margins the law of supply and demand don’t work on labor and that raising the minimum wage is costless in terms of jobs.

Reason Blog

This is just another angle on the “What is seen vs What is not seen”  that Bastiat encouraged us to see, and Henry Hazlitt expanded on in Economic in One Lesson.

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