This is an economic lecture given by Walter Block at The Mises U in 2004. Dr. Block talks about rent control history including its origin. He speaks about his PHD dissertation paper he handed to Nobel Prize Economist Gary Becker, who belonged to the Classical School of Economics. The dissertation paper was on rent control. Block, like his fellow Austrian Economists does not believe that empirical analysis can test hypothesis rather it helps illustrates economic principles. He goes on to give an analogy that the minimum wage is similar to taking the quills from a porcupine. He integrates the union and minimum wage argument and explains where en employee’s value comes from and why both unions and the minimum wage creates unemployment. Finally Dr. Block attacks “protectionism” which, he correctly states is a misnomer! Listen to Blocks’ great arguments against state intervention.
by Luis Rivera III
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