Yesterday, Economix's Catherine Rampell solicited explanations for why firms support an increase in the minimum wage and then claimed that their reasons undermine econ 101. I commented on yesterday's first post and was going to comment on this one; here's
The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
