Freezing the Minimum Wage: They Just Don’t Get It
The heartwarming New Year message from the British Chambers of Commerce is that the minimum wage should be frozen from October 2009. I’ll write about this in more detail once I’m over the New Year revelries. But I had to say something about Tim Worstall’s piece calling for the same on the Guardian website. Worstall is a fellow of the Adam Smith Institute and if you wanted a sign of how out of touch that breed of ideologue now is, you could do no better than this mind-bending sentence from the Guardian article:
Things in markets are worth what the markets say they are worth.
Worstall must inhabit a parallel universe where the inability of the financial markets to correctly price just about anything hasn’t led to a global economic crisis. His comment pretty much sums up the deeply ideological and flawed nature of the rest of the article. I’ll return to it soon.