A minimum wage is a government-mandated wage control that takes negotiating power away from workers and employers. There is a rare near consensus among economists that binding price controls distort economic activity, but politics often gets in the way of seeing the fallacy of a wage control. Setting a minimum wage floor above a market wage results in unemployment, especially for low-skilled workers. It also slows future job creation and pushes unemployed workers who would take a wage at less than a minimum wage into long periods of unemployment and dependency on family or taxpayers.
A New Birth of Excellence: Independent Colleges and the Recovery of Academic Freedom
This week, five independent colleges—Benedictine College, Merrimack College, the University of Mount Saint Vincent, Bellevue University, and Houston Christian University—announced that they have joined as founding members of the National Association for Academic Excellence (NAAE). Their move could be momentous. Spanning New England to Texas and the Great Plains, these institutions are helping to build...