The Phaserl


Misunderstanding High Wages

by James E. Miller, Mises:

Private business unceasingly gets a bum rap in major print. No matter the rise in living standards or technological advances brought about through market forces, there will always be some wiry, neurotic journalist bemoaning over social justice and demanding that capitalism kills. Socialism has proven itself to be impoverishing and murderous. Even Sweden, every liberal’s favorite exemplar of successful welfarism, had to concede to free enterprise reforms in the 1990s to avoid economic catastrophe. Still, the forces who find offense in disparate impact of race stay dedicated to tearing down enterprise.

So imagine the ecstatic squeal many a leftist exhale when they encounter a business which pays a high-wage for a seemingly low-skilled position. They proceed to use the example to bludgeon market advocates as an exception to the rule that minor skill translate to minor pay.

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