Murray Rothbard once noted that “One of the most common charges leveled against the free market is that it reflects and encourages unbridled ‘selfish materialism’ ... it distracts man from higher ideals. It leads man away from spiritual or intellectual values.” But that allegation is far from true.

“Many cities are pricey places to live.” That was the opening line and major premise of a recent Los Angeles Times opinion piece advocating that high-cost cities raise minimum wages to mitigate the problem.