The Latest Pie-in-the-Sky Idea in Los Angeles

So, Los Angeles has decided to increase its minimum wage to $15 per hour. I'm sure that there are a host of people rejoicing over this alleged act of economic justice, but remember that actions have consequences: BERGMAN: Caroline Styne owns more than half a dozen high-end LA eateries. She says of every dollar that …

Popular Restaurants Aren’t Always Good Restaurants

So sayeth Tyler Cowen, and there is a rationale behind his declaration: Here is the logic. Let’s say a restaurant allows a line to form outside the door. Why don’t they just raise their prices? Well, for one thing the line, and the accompanying difficulty of getting a reservation, is a way of marketing the …