Tag: free market
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Economic Fallacies: “Living Wage”
The "living wage" fallacy says that businesses are morally obliged to pay workers a wage that will sustain their lives. The idea of an obligatory living wage is an anachronistic superimposition of feudalism upon a modern exchange economy. Serfs had no mobility and no choice but to take what the lord gave them. A living…
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“Making Freedom a Reality: Estonia’s Path from Communism to the Free Market” Dr. Mart Laar
"Making Freedom a Reality: Estonia's Path from Communism to the Free Market" is a speech given by Dr. Mart Laar, former Prime Minister of Estonia, at the Acton Institute event I attended last week. Laar was 32 years old when he became prime minister after the collapse of the Soviet Empire. In this speech, he…