Thursday, February 08, 2007

Iran and minimum wage

There is some good news for the citizens of Iran and for peaceful citizens of other countries for Iran’s president; Mahmoud Ahmadinejad is in political trouble. He succeeded in enacting an increase in Iran’s minimum wage. This minimum wage increase in turn, as it did in France and other countries, inevitably led to layoffs of the people the law was supposed to help.

Many people and politicians possess little grasp of the basics of economics. Yet, by studying the mistakes of other countries, they may let capitalism dictate supply and demand of wages. Capitalism may not be perfect, but capitalism is the best economic system invented.

Perhaps it is too much to ask for some politicians in the U.S. to learn from other countries’ mistakes and for the economic poor to cease being taken advantage of by politicians who harm them by “helping” them.

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Anonymous Anonymous said...

President Ahmadinejad's real views are summarized on this website:

8:54 PM  

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