MCViewPoint

Opinion from a Libertarian ViewPoint

Paying People Not to Work Won’t Make Us Richer | Mises Wire

Posted by M. C. on July 19, 2021

I am reminded of a saying by one of my favorite economists, Murray Rothbard, “It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

https://mises.org/wire/paying-people-not-work-wont-make-us-richer

Paul T. Prentice

One of the most important principles of economics is that people respond to incentives. You get more of whatever you incentivize. You get less of whatever you disincentivize. This is irrefutable. The supplemental unemployment payment does both—it incentivizes people not to work, and simultaneously disincentivizes them from working.

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