Unions

Price of Labor under Capitalism

The general price of labor under capitalism is not set by any particular businessman, but by the free-market. It is competition between businesses for labor that pushes wages up; it is competition...

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Minimum Wage Laws and Employment

Minimum wage laws create unemployment. If passing minimum wage laws are the secret to raising wages, then why doesn’t the government make everybody rich by setting the wage to a million dollars?...

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Capitalism and The Price of Labor

No. Under capitalism, one's wages depend on how much one can produce. That is why Michael Jordan — or a doctor — gets paid millions of dollars more than the minimum wage. It depends on how well and...

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Capitalism FAQ

Intellectually “chew” the ideas brought up in the tour by exploring the Capitalism FAQ (Frequently Asked Questions).