{"id":35212,"date":"2018-02-16T01:00:32","date_gmt":"2018-02-16T06:00:32","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=35212"},"modified":"2018-01-27T10:09:32","modified_gmt":"2018-01-27T15:09:32","slug":"qotd-its-not-economics-its-magic","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2018\/02\/16\/qotd-its-not-economics-its-magic\/","title":{"rendered":"QotD: It&#8217;s not <em>economics<\/em>, it&#8217;s <em>magic<\/em>!"},"content":{"rendered":"<blockquote><p>People who really believe that trade restrictions prevent domestic unemployment or raise domestic wages \u2013 people who really believe that minimum wages raise the incomes of low-skilled workers without causing any loss of employment or worsening of other terms of these workers\u2019 jobs \u2013 people who really believe that government-mandated family leave leaves workers better off \u2013 are like people who attend magic shows and really believe that the magician causes a rabbit to materialize out of the thin air within the magician\u2019s hat.<\/p>\n<p>\u201cWow!\u201d exclaims an audience member. \u201cI saw with my own eyes the magician pull a rabbit from a hat that only a moment earlier was empty! And also, the magician assures me that that\u2019s what he did. He wouldn\u2019t lie to me. So it must be true that the magician pulled a rabbit miraculously from his hat \u2013 that he bends reality to his will. I\u2019m impressed!!\u201d<\/p>\n<p>These people believe their eyes. And why shouldn\u2019t they? The empirical record, after all, is stuffed with rabbits being pulled from magicians\u2019 hats \u2013 hats that audiences saw were empty just moments before live rabbits were pulled from them. What\u2019s not to believe?<\/p>\n<p>Don Boudreaux, <a href=\"http:\/\/cafehayek.com\/2016\/06\/40996.html\" target=\"_blank\">&#8220;Do You Believe in Magic?&#8221;, <em>Caf\u00e9 Hayek<\/em><\/a>, 2016-06-22.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>People who really believe that trade restrictions prevent domestic unemployment or raise domestic wages \u2013 people who really believe that minimum wages raise the incomes of low-skilled workers without causing any loss of employment or worsening of other terms of these workers\u2019 jobs \u2013 people who really believe that government-mandated family leave leaves workers better [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,41],"tags":[96],"class_list":["post-35212","post","type-post","status-publish","format-standard","hentry","category-economics","category-quotations","tag-minimumwage"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-99W","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/35212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=35212"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/35212\/revisions"}],"predecessor-version":[{"id":35213,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/35212\/revisions\/35213"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=35212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=35212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=35212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}