Oh my God

Morten: The actual delivery and consumption of utilities is not internationally traded. They are almost akin to services rendered. Also, utilities are often provided by local monopolies. Anyhow, I'll happily rescind the word "international."

But I never, ever, said that no minimum wage would result in no unemployment. My graph--which had a fucking cat on it, for goodness sakes--implied that there was some amount of unemployment caused by a minimum wage. But of course even that relies on assumptions about the elasticity of labor. What is the relation of this, however, to anything?

And Reaganomics is politically loaded and not an economic term. Supply-side economics, an actual school of macroeconomic thought emphasizing the effects of marginal tax rates on potential output, is more fair.