City Council flunks economics

Much has been written this week by journalists and bloggers such as Marathon Pundit about the guaranteed wage ordinance passed today by the Chicago City Council and I don't have a lot to add.

It's a noble thought to pay everybody lots of money but it's common sense that it won't be helpful to Chicago overall. Wal-Mart and Target will tend to locate outside the city and if they do decide to build more stores in Chicago, there will be fewer workers or higher prices. Wishing market forces away doesn't work. And neither will anyone in Chicago if their leaders don't realize this simple fact.

Marathon Pundit, by the way, will make his debut on Constitutional Public Radio tomorrow afternoon. He'll probably have something to say about the City Council as well as the lunacy of the academic world, where he has broke important new ground.

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