Dumb Ideas

We should replace all DEI training with Econ 101 training. Imagine how much better our public policy could be.

From John Cochrane. Uber gave in to pressure and allowed tips on the platform. Drivers loved it as wages went up. That brought in more drivers, led to longer wait times and base pay going down. In end average price/wage right back where they were before= equilibrium response.

California raises the minimum wage. Results are: higher fast food prices, fewer fast food workers. Increases the pace of automation, decreases the amount of fast food profits - a new equilibrium will be found and who will it benefit? Hardly anyone.