Enemy Of The State: Murray Rothbard

INTRODUCTION TO MICROECONOMICS Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe. 6. Intro to Micro: Government Licensing of Industry and Minimum Wage The peanut butter crunch was in 1980. Crop acreage and production was cut down by 45% by government price support, import quotas, and cartelizing of the industry. The price of peanuts more than tripled. Farm price supports also keep cheese prices above market levels. The minimum wage law imposes a wage above the laborer's discounted marginal value product. The supply of labor exceeds the demand, and the unsold surplus of labor services means involuntary mass unemployment. Low paid workers are screwed by minimum wage laws. Part 6 of 14. Presented in 1986 at New York Polytechnic University. This lecture on YouTube: https://youtu.be/BvBMUxiIhCk Sourced from: https://mises.org/library/introduction-microeconomics We are not endorsed or affiliated with the above. https://creativecommons.org/licenses/by-