Read a teaser for NUMEM Professor Don McNeeley’s article below and click the link here to read the rest of the column on the Wholesaler website.
Excerpted from “Minimum wage and the one-eyed man”
By Donald R. McNeeley, Ph.D.
“A given is also known as an axiomatic: a concept, theory, or principle that is widely accepted, has withstood the test of time, and is no longer debated. It is something universally embraced and accepted. One such truth is the fundamental law of supply and demand. Absent intervention, is it not a most efficient reality? Of course the government did not get the memo on that absence of intervention thing. If the stock market closes up, that simply indicates there were more buyers than sellers on that particular day. If the stock market closes down, there were more sellers than buyers. Like most things, wages are determined by supply and demand. If all the brick layers are employed and I need a patio, how do I get the brick layer to leave your house and come to mine… I pay more! There are more general laborers than neurosurgeons, thus the pay difference.”
Don’t miss Prof. McNeeley’s featured videos on the Wholesaler as well.