Yes of course, inflation punishes labor inverting a very important part the natural balance of power between labor and capital. With sound money employees wages have ever increasing purchasing power and employers have to go and request pay reduction of find other ways to increase efficiency.
With inflation employers are continually reducing wages without consent and, due to government controlled media and education, most often without even awareness. Labor is forced to continually beg for scraps.
Re MW, you summarized well. MW can in some cases not cause unemployment in some cases, because it's a mixed economy. This is an instance of the general problem of planning, you create more problems with your previous 'solutions'.
So while the cases of MW not disemploying do exist, they are uncommon and they are ephemeral. Overall unemployment certainly goes up.
Further MW causes other further problems.
For one you create a moral hazard by removing the free market cost of being a bigot. In a free market bigots bid up the cost of labor from their favored race, gender, orientation etc. Less bigoted employers have a labor cost advantage, which over time will have profound positive social effects.
To correct for that you have little option but to further violate liberties with EO statutes. Which impede economic growth at the least, but also incur social tension from people otherwise disinclined to be bigots, but now are because they didn't get a job they were qualified for. As well lower standards cause real inferiority where only perceived inferiority existed before. You can't have different standards without different quality outcomes on aggregate.
I could go on forever with interventions and problems caused. However to call them unintended consequences seems to be ascribing to ignorance where malice is more appropriate. The level of ignorance required for this to always happen is not believable.
Want DP delivered to your inbox daily? Subscribe here:
Content of posts and comments on the Daily Paul represent the opinions of the original posters, and are not endorsed, approved, or otherwise representative of the opi