The taxi lobby had called for everyone to be equally regulated. Instead, the commissioners made everyone equally free.
When Congress creates a special privilege for some Americans, it must of necessity come at the expense of other Americans.
It is incompetence or dishonesty for my fellow economists to deny these two effects of minimum wages: discrimination against employment of low-skilled labor and the lowering of the cost of racial discrimination.
I wrote a story about poor Clarence who retired in 1979, and even poorer Larry who retired last year. I created these characters to challenge the notion of calculating a real interest rate by subtracting inflation. The idea is that the decline of a currency can be measured by the rate of price increases. This price-centric view leads to the concept of purchasing power—the amount of stuff that a dollar can buy. It’s the flip side of prices. When prices rise, purchasing power falls.
Water is distributed in California and other Western states not by market prices but by the political process.