California's Destructive Minimum Wage

And no, monopsony is not a good argument for the minimum wage.

Economists have a name for this empirical regularity: the law of demand. But, just to drive it home, I should state it: all else equal, at a lower price more will be demanded and at a higher price, less is demanded. The law of demand applies to virtually everything: the demand for steaks, the demand for cars, the demand for houses, and, yes, the demand …