a fair wage can be worked out from what a worker needs to live decently
Bureaucrats can’t know what one man needs. That information doesn’t exist in the aggregate. See Hayek’s ‘The Use of Knowledge in Society’, which I simplified here. Justice Higgins should be more humble and aware of epistemological limitations.
a fair wage can be worked out from what a worker needs to live decently
Bureaucrats can’t know what one man needs. That information doesn’t exist in the aggregate. See Hayek’s ‘The Use of Knowledge in Society’, which I simplified here. Justice Higgins should be more humble and aware of epistemological limitations.
The information Higgins wants is hard to come by. Prices can find and communicate it, fallibly, when not tampered with. Tamper with them, and it gets even harder to find that information.