Recently, on a long car trip returning from a glider contest, I did something unusual among our liberal elite: I actually went to a McDonalds and ate there.
The lady who took my order must have been about 19, as were all the other employees I could see, and pretty clearly new on the job. Getting the order right took some effort. I made the mistake of paying cash. The bill was something like $7.62. I first offered a $10, and she rang it up. Then I found 12 cents in my pocket, and offered it. This was a big mistake, as the cash register had already computed my change, and adjusting to my offer of 12 cents was beyond her abilities.
Most people might have been annoyed, but as an economist and an educator, I'm happy to see human capital building. OK, I was a little annoyed.
Which brings me, of course, to the proposals for a sharply increased minimum wage.
Read the rest here.
I've sent the link to my H.S. junior daughter who gets it, but tells me that none of her friends (or teachers) seem to. I suggested that she tell them that if $10/hr is good, why not make the minimum wage $500/hr - corporate lawyers live a nice life - and if they don't get the inherent fallacy then, they probably never will.
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