[R]eading all your [Boudreaux’] posts about the minimum wage and global warming this morning, I was struck by the paradox in the proposed remedies for these two problems by politicians. The first problem is income inequality, and the remedy is to set minimum contract terms. The second problem is externalities from carbon protection, and the remedy is to tax output levels.
Progressives correctly surmise that if the cost of carbon output is raised (for instance, by taxing it), we’ll get less output of carbon.
On what basis, then, do Progressives surmise that if the cost of labor is raised (for instance, by raising the legal minimum wage), we’ll not get less labor?