6. The best thing for wages and working conditions is full employment, and we can achieve this by getting rid of the minimum wage and regulations. This will increase wages and improve working conditions, but these higher wages and conditions won’t reduce employment in the same way as the regulations did before because free market.
There is some level of wages and working conditions which is the best we can do at any particluar level of technology or wealth. The trade offs of those in work having great wages and conditions and those who can\’t get work because their labour is not worth the great wages and conditions.
We need some method of calculating what is this optimal trade off.
It is possible that the flapheads and addlepates that go into politics are able to calculate this optimal trade off. Historical experience tells us that this isn\’t quite the way it works out.
It is also possible that Hayek was right, that it isn\’t possible to do such calculations about the economy because we have to actually use the entire economy to perform the calculations for us.
65 million people employing the wisdom of the crowds to reach that best as we can get to optimum instead of the flapheads and addlepates who go into politics.
Yes, quite, because free market.