The Practical Idealist - Gary Gibson - Mises Daily

The Practical Idealist - Gary Gibson - Mises Daily: "Union power, gained by legislation, even without physical violence, is still violence. The laborer gains legal force over the employer. Economically, in the long run, labor loses. …
If only it were so easy to help the working class. Just dictate wages and everyone will be financially better off. Unfortunately, this leads to disastrous results, whether it's the prolonging of the economic mess as it did in the 1930s or the tragic results in American industry that we're witnessing today.
What good is it to mandate a $75 per hour wage if there are no jobs available at that price? What good is a minimum wage of $7.50 if it significantly contributes to overall unemployment?

The reaction to the economic argument explaining the shortcoming of labor unions and minimum wage laws is that it's heartless and unfair not to force 'fairness' on the ruthless capitalists. But true compassion should be directed toward the defense of a free market that has provided the greatest abundance and the best distribution of wealth of any economic system known throughout history."