Milton Friedman explains the fallacy of a minimum wage
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.
Great post. I’ve been reading Friedman’s “Capitalism & Freedom” and have been very inspired.
First off, should black teens be working? Why is it the assumption that they should be employed rather than going to college?
I suppose for the same reasons white teens work: to make money for college and to stay in college.