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Ep. 422: The Pay People Deserve with Michael Covel on Trend Following Radio

The Pay People Deserve with Michael Covel on Trend Following Radio
The Pay People Deserve with Michael Covel on Trend Following Radio

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Today on Trend Following Radio Michael Covel starts off giving listeners perspective on the feedback he receives. Over the years Michael has received thousands of emails that have created insightful and thought provoking give and take discussions. He reads an email that came in recently on a fairly controversial topic. The listener talked about his disagreement with Yaron Brook in episode 183. He disagreed on the shared viewpoint between Yaron and Michael. The listener’s email also touches on unemployment, minimum wage, and government regulations. The email was extensive and Michael gives his feedback as he makes his way through reading it.

Michael furthers the discussion by moving into reading from an article titled, “The Case Against the Minimum Wage” by Daniel Bier. Daniel says that there is much we may not agree on, but when there are topics that economic professionals do agree on, we should take notice. Economists across the board agree that by raising the minimum wage we will actually increase unemployment. The article’s main premise is that the core value a young person gets from their first job is the life experience rather than the monetary gain. Working with a team, punctuality, and taking direction are just a few fundamental skills that can be taken away from a minimum wage job. These jobs create a track record for an individual that lets them move on to other higher paying jobs.

So many people miss the point: It isn’t about the money, it’s about the experience. Having exposure to minimum wage jobs at a early age has long term effects. Daniel Bier says that it is actually more about politicians trying to feel good than actually doing good. Michael finishes with a quote from Nobel laureate James Buchanan further touching on the ramifications of raising minimum wage.

In this episode of Trend Following Radio:

  • Unemployment
  • Minimum Wage
  • Ayn Rand
  • American economics
  • The seen and unseen consequences of a law
  • Libertarianism

“Given that minimum wages hurt the very people they are supposed to help, by restricting workers’ freedom, reducing their choices, and increasing unemployment, One must wonder why, despite decades of consensus among economists, politicians and pundits continue supporting these destructive regulations. They often do so because they want ‘send the right message’ about the ‘kind of society’ we want to live in. While this appears well-intentioned, the principle underlying such arguments is actually quite perverse: that it is better for us to feel good than to actually do good.” – Daniel Bier

“Prices are not levels that set value, they are metrics that reflect value.” – Anthony Davies

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Ep. 244: Walter Williams Interview with Michael Covel on Trend Following Radio

Walter Williams
Walter Williams

Today on the show, Michael Covel talks with Dr. Walter Williams. He’s an American economist, commentator, and academic. He is the John M. Olin Distinguished Professor of Economics at George Mason University, as well as a syndicated columnist and author known for his libertarian views. Covel and Williams discuss why Williams calls himself a radical; the morality of markets; the welfare state and bailouts; how Williams didn’t “think poor” growing up; the nefarious aspect of minimum wage; how Williams stayed positive and avoided bitterness despite opposition; Malcolm X. and Martin Luther King, Jr.; why there’s no poverty in the United States; how Williams felt about the Fall of 2008 and the bailouts that took place; how we got to the point where people want to trust the state so much; and how Williams has developed a thick skin to deal with the criticism of his radical nature. For more information on Walter Williams, go to walterewilliams.com.

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“How does something immoral, when done privately, become moral when it is done collectively? Furthermore, does legality establish morality? Slavery was legal; apartheid is legal; Stalinist, Nazi, and Maoist purges were legal. Clearly, the fact of legality does not justify these crimes. Legality, alone, cannot be the talisman of moral people.”

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