People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science...
The person earning the federal minimum wage of $7.25 isn't going out to eat at restaurants. They're not taking piano lessons. They're not going to the gym or the yoga studio. They're not sending mom f...
Economics is mostly how humans rationalize who gets what and why. It's how we instantiate our preferences about status, privileges, and power.
