Saturday, November 11, 2006

Walter Williams explains basic economics

I might be embarrassed to explain common economics to people who believe things should be "free" but I'll let Walter Williams explain it for the great unwashed.

"...Politicians talk about "free education," "free medicine" or "free housing," but that's nonsense. Resources are required to produce each of them. Of course, some people received these goods at a zero price, but that doesn't mean they didn't cost someone, usually a taxpayer, something.


Now as the to the minimum wage, another mythological free lunch. Liberals hope that by raising the minimum wage we won't hear the tree drop in the forest. That the natural labor market distortion will be lost in the noise of economic growth. This is good example of busting that myth.

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