This is John Batchelor, a conversation with my colleague Verneke to receive the Mercata Center

about price controls. Price controls have long been practiced by people trying to control inflation

or pleas of voting public.

But in any event, there's no evidence.

We talk of 1970 when Richard Nixon tried them,

he later said it was the worst mistake he made in his whole career.

Here we'd address a former price control which is minimum wage.

Why doesn't it work minimum wage?

It's been the rage these last years across the country.

There's Verenikvaryge at the Mercata Center on minimum wage. More of this tonight.

Distortions that other price control do, it means that this employees at a wage that is higher than the value that they bring, employers are not going to just take it and just pay the difference.

Or if they do, it's going to have more long-term consequences like they're going to have less money to reinvest in the business

They're going to be able to not give bonuses for Christmas, but another consequence of minimum wage regulations is that often people who do not

bring this value to the business are just simply not going to be

hired. So there's always there's always there's no free lunch. There's always

someone who pays a price one way or another.