Filed under: Capitalism, Economy, Freedom, Politics, Regulation | Tags: Milton Friedman, The Minimum Wage Folly, Unemployment for the Low-Skilled
The myths of the minimum wage persist because they sound good — not because they do good, they don’t. Ideally, there would be no minimum wage, and if you wanted to hire your neighbor’s 12 year-old kid to rake the leaves, and he wanted to do it for whatever pay you agreed upon, you would not be subject to government control. The minimum wage hurts the very people it was presumed to help.
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