It doesnt give me the outcomes I want, so its broken

The title being the 'shorter latter day Progressive' complaint about pretty much everything these days. The biggest bugaboo (aside from Unions, Unions, Unions) is the broader corrollary that the labor market is messed up and thus requires (wait for it) massive central planning and intervention.

Brink Lindsey over at Cato gives a solid, evenhanded rebuke to this sort of talk by taking labor markets seriously and moving from there. In a nutshell, there's no reason to believe that labor markets are fundamentally/systematically flawed, so the results thereof approximate the truth with regard to the value of various labor. Accepting that, to mitigate the problems we do see today, one either chooses an option fraught with knowledge problems and public choice issues, or an option that impoverished hundreds of millions of people in the 20th century.

Read the whole thing to find out, as they say.

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