Plight Flight: Austerity’s Unintended Demographic Disaster

The austerity policies racking the economies of the European Union have had an interesting negative externality–they have put to flight vast swathes of the populations of entire countries. The sheer scale of the flight, as I will shortly show below, is on par with the kind of mass exoduses normally associated with the wars Europe has tried to forget, and will have devastating long-term consequences for European prosperity and growth.

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Stephen Davies’ Libertarianism

I went to an interesting talk today given by Stephen Davies of the Institute of Economic Affairs, a British free market think tank, in favour of the libertarian position. In the past, I have not been particularly kind to the libertarian position, both in its theory and in the practical policies that result from it. Davies did, however, present the libertarian position in an interesting fashion. Whereas usually libertarianism is derived from some foundational larger philosophical theory (some libertarians are right utilitarians, natural rights theorists, egoists, and so on), Davies wishes to divorce libertarianism from its wider philosophical context and consider it on its own, irrespective of which foundational theory it sits upon. In the past, some of my criticisms of libertarianism have been themselves criticised for over-relying on problems with foundational theories rather than considering the planks of libertarianism in isolation. Today, I shall look at libertarianism as presented by Davies and see where it leads me.

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Raising the Minimum Wage

So Barack Obama wants to raise the federal minimum wage to $9.00 an hour from its current $7.25 level. Is this a good idea? Many bloggers and economists will argue that lower wages mean more jobs and that this relationship is mathematically fixed and a basic fact of economics. They will seek to paint a picture in which all serious or reasonable people agree that higher wages will hurt business or stifle growth. I intend to show their line of reasoning to be overly simplistic and to question this consensus.

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