From: TW
Sent: Monday, August 29, 2016 7:12 PM
Subject: A question for Labor Day, 2016
“…it is often said that to regulate the hours of labour, or to introduce differential import duties, is to break economic law.” — Palgrave’s Dictionary of Political Economy, 1894
Do you agree that regulating the hours of labor is a violation of economic law?
Dear TW:
A basic distinction in economics is that between normative and positive economics. For former deals with ethics, values, the latter with facts, causal connections. Never the twain should meet. Economic law is part of the positive realm, whether hours of labor should be regulated is part of the normative realm. The two are entirely separate. So, no, regulating the hours of labor is a not violation of economic law. Ditto for import duti3es. These things certainly violate libertarian principles, but that is a very different matter. I’ve written a bit about this:
Block, Walter E. and Peter Cappelli. 2013. “Debate over the normative positive distinction in economics.” Economics, Management, and Financial Markets 8(1), pp. 11-19; http://addletonacademicpublishers.com/abstracts/economics-management-and-financial-markets/volume-8-1-2013/debate-over-the-normative-positive-distinction-in-economics.html; http://www.addletonacademicpublishers.com/contents-emfm#catid126; http://www.addletonacademicpublishers.com/contents-emfm/126-volume-8-1-2013/1468-debate-over-the-normative-positive-distinction-in-economics; http://www.walterblock.com/wp-content/uploads/V.411_Debate-over-the-normative-positive-distinction-in-economics.pdf
7:57 pm on August 29, 2016
