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Labor Economics: An Austrian Perspective

  • Labor Economics

Tags InterventionismProduction TheoryValue and Exchange

05/08/2017Peter G. KleinWalter BlockMark ThorntonBenjamin Powell

The minimum wage was a hot topic in the 2016 presidential campaign. By law, on January 1, 2017, the first group of Seattle workers reached $15 per hour with an average of $11 per hour in the rest of the state. Proponents in Washington and across the country claim that the increase will reduce poverty and income inequality, and finally allow workers to afford housing and everyday essentials. This is in spite of the accepted economic principle that wages are a result of the marginal productivity of the worker, not housing costs and disparity in incomes. Is this social interference economically sustainable?

In “Labor Economics: An Austrian Perspective,” you’ll get a clear, unpoliticized, understanding of what is being exchanged in labor contracts and where labor derives its value. In lectures by Peter Klein, Mark Thornton, Walter Block, and Ben Powell, you’ll learn about guiding principles for entrepreneurs’ hiring decisions, the pernicious effects of minimum wage laws and other labor market interventions, and why “sweatshops” are the best available option for many workers. 

This course is free to all users for independent study.



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