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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who started this subject12/21/2001 8:41:52 AM
From: Don Lloyd  Read Replies (1) of 445
 
An alternative to Austrian Economics -

house.gov

"...Recently, Secretary Reich has downgraded his specious claim from the status of a general law of economics to that of a special case which holds some of the time in certain special circumstances. Reich's reformulated special law of demand -- the Nouveau Reich Law of Demand (NRLD) -- can be stated as follows: "small increases in prices raise demand for a commodity while large increases in prices lower demand." Applied to the case of the minimum wage, the NRLD would predict that small increases in the minimum wage lower unemployment while large increases in the minimum wage raise unemployment. ..."

Regards, Don
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