The economics of price controls are clear and spelled out in Chapter 2: voluntary transactions create wealth by moving assets to higher valued uses, and anything that prevents these transactions reduces wealth, like taxes, subsidies, price controls, and regulation.
And in Chapter 8, we see that a price ceiling below the equilibrium price or a price floor above the equilibrium price, like a minimum wage, deters some wealth-creating transactions which makes some people worse off. They would have transacted at a wage less than the minimum, but for the minimum wage. Specifically, low-skilled workers, who would have found jobs at less than the minimum wage, cannot find work.
For this reason, I have not paid much attention to evidence claiming to show the opposite. And my bias is evident that I would blog on a paper that shows what I know to be true, that price controls like a minimum wage do not help the poor.
In other words, I am guilty of what psychologists call "confirmation bias." See my earlier blog post Beware the Experts.
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