Posted by Bob on 8/28/2007, 12:55 pm, in reply to "Re: Free Markets and Minimum Wage" Keynesians see a large role, Friedman(ians?) see a much smaller role. When the government regulates something, it does so for political motives. When individuals regulate the economy, through their own individual decisions, they do, in the aggregate, influence the economy for their own benefit. By trying to artificially set and enforce wages, the government helps itself, not the workers. The best way to raise wages is to let individuals participate freely in the economy. Where supply meets demand, you have a fair wage. If you really want to see what government policy has done to our economy, take a look at the national debt, something like 5 trillion dollars. There is NO WAY we can pay that off, ever, unless we "grow" the economy beyond that point. And who holds that debt (T-bills and other government debt instruments)? Japan used to. Then, when their economy started to tank, they bailed, and for a time, our economy was in jeapordy. So who bailed us out? Red China. Yeah. Take a good deep breath and think about that. And what are they doing with the proceeds? They're buying everything in sight that they can lay their hands on INSIDE the USA. You thought the Dubai ports deal was a stupid idea? Congress and the president(s) have sneaked a good one on us, and as a result, our economic well being is to a frightening degree in the hands of our enemies. Well, that was an aside, but if free markets are allowed to work, they do not work well. Just better than anything that the government comes up with.
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Economists are divided as to what the role of government should be in the economy.
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