By Tom Quiner

[youtube=http://www.youtube.com/watch?v=ca8Z__o52sk]

The late Nobel Laureate economist, Milton Friedman, explains why minimum wage legislation is counterproductive. He explains it better than anyone.  The clip above was made when the minimum wage was around $2.50, which dates the interview around 1977.  Unemployment for teens, and especially black teens, has only gotten worse, as I highlighted in my previous post.

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  1. Nick on September 2, 2010 at 11:50 pm

    Great post. I’ve been reading Friedman’s “Capitalism & Freedom” and have been very inspired.

    • David on August 8, 2011 at 1:35 pm

      First off, should black teens be working? Why is it the assumption that they should be employed rather than going to college?

      • quinersdiner on August 8, 2011 at 1:40 pm

        I suppose for the same reasons white teens work: to make money for college and to stay in college.

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