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Friday, 3 June 2011

Do politicians really understand about price control? I don't think so!

Here is an excellent video which will explain the danger of price control. Full of charts and graphs to illustrate the point.

It also shows how the minimum wage doesn't affect the jobs of university students, or brighter kids from secondary schools, but removes job prospects by the less able in society.

One interesting observation is, the "Rich get richer and the poor get poorer" is a bit of a fallacy.

Yes, the rich are getting richer, but the poor also seem to be getting richer. But I am not sure if the rich are very happy with this phenomenon.

Anyway, the video:

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