Should We Regulate Our Way To Innovation?

There is a common misperception out there that anything that spurs technological innovation must be desirable. This logic is often applied to the minimum wage, which can lead employers replace workers with machines by making workers relatively more expensive. Since technological growth and innovation are the engines of economic growth, it is argued that this is a good thing. Similarly, you see critics of low-skilled immigration point to machines that can or might replace these workers if wages g...