Thursday, July 28, 2005

a bevy of camp-following whores

Walter Block is wrapping up his week-long seminar, Radical Austrianism, Radical Libertarianism.

I recommend his lecture on Minimum Wage Law, but it was in some follow-up he did at the beginning of his Introduction to Libertarianism, part II that he reads this great quotation from Nobel Laureate James M. Buchanan, commenting in The Wall Street Journal on the infamous Card-Krueger Study:
Just as no self-respecting physicist would claim that water runs uphill, no self-respecting economist would claim that increases in the minimum wage increase employment. Such a claim, if seriously advanced, becomes equivalent to a denial that there is even minimum scientific content in economics, and that, in consequence, economists can do nothing but write as advocates for ideological interests. Fortunately, only a handful of economists are willing to throw over the teaching of two centuries; we have not yet become a bevy of camp-following whores.
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