Excellent example of how the conservative economist mind operates. Economics is a science that depends on assumptions. Even a well thought out logical model can give a flawed result if the assumptions are not correct. The major flaw in Dr. Mankiws argument is that economic policy start from a zero point and they either make the needle go one way or the other. The truth is that economic policies are already in place from generations ago and that some individuals are in advantageous positions from the policies that already exist. Prior to minimum wage laws or the ACA, the legal and economic framework of the society was ALREADY picking winners and losers. New policies simply alter who is the winner and who is the loser. Also, I submit that the Utilitarian argument is a red herring and using the extreme trolley arguments simply overstates the argument. Dr. Mankiw should be using the more appropriate trade-off argument of guns vs. butter when referring to the minimum wage and ACA.
Posted on: Sun, 23 Mar 2014 14:35:48 +0000
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