Is there any " scientific " way to determine the right minimum wage under modern capitalism ? In fact, old Karl Marx answered this question-also explaining the source of capitalist profit- in his Das Kapital. Here the capitalists are condemned as an exploiting class living high on the surplus value created in the work place by skilled and unskilled and " intellectual " labor.
Why not a Nobel Prize for an economist who was not an apologist for this irrational and still doomed economic system ?
Where was Karl Marx mistaken ? Perhaps the Cato Institute can explain.