Dear M: I’m not sure I fully understand this either, but, let me take a hack at it. Praxeologists claim that it is apodictic, necessarily true, that if the minimum wage is imposed, or, increased, workers whose marginal revenue product is less that the level stated by law, assuming profit maximization, then, ceteris paribus, they will become unemployed. So, suppose the minimum wage law is raised to $20/hour, and no increased unemployment occurs. Then, the Misesian praxeological law about the minimum wage will have failed, according to this person. I would say, in sharp contrast, that this economic law is … Continue reading A Posteriori Economics