Don Boudreaux on Economics


British Convert Pounds To U.S. Dollars

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Don Boudreaux is a professor of economics (and former department chair) at George Mason University. He's the proprietor of a great website CafeHayek.com and I encourage you to sign up for the free daily emails from that site. There's been a lot of ink spilled over decades about the minimum wage. Most people on the left argue that it has no negative impact on employment while most conservatives and most rational economists argue that a minimum wage that's too high crushes employment prospects for those who most need their first jobs and some income. Those are usually minority teenagers. There is a theory that suggests how minimum wage hikes could correspond with increased employment. It's called monopsony theory. But is it likely to be a real thing in practice? We'll ask Don about that as well as about a listener question: Can the current spate of inflation be reversed; in other words, could wages and especially prices fall back to pre-pandemic levels?


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