Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.

Economy is the art of making the most of life.

Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications.

Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments.

The most fundamental constraint is limited time

I am saying that the economic approach provides a valuable unified framework for understanding all human behaviour

My work on human capital began with an effort to calculate both private and social rates of return to men, women, blacks, and other groups from investments in different levels of education.