Why not use government power to keep wages down?

Writing on the AEI blog, economics professor Mark Perry suggests rewriting an Obama speech calling for an increase in the minimum wage to $10.10 so that it calls for a maximum wage of half that. The logic is no different — or any better. Here’s his piece.

Government should no more dictate maximum wages than minimum wages — or any other price.  Prices should be a matter for the parties to a proposed contract to settle upon, not for politicians to write into law.