economics, minimum wage, Walter Williams

Walter Williams on The Minimum Wage

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A legislated minimum-wage fails all three components of the litmus test.

  1. Is it Constitutional at the Federal level? No.
  2. Is it good economic policy? No.
  3. Is it moral to legally prevent two parties from agreeing to mutually-beneficial voluntary exchange? No. (at least not in my world)

Minimum Wage’s Discriminatory Effects by Walter E. Williams: “As if more proof were needed about the minimum wage’s devastating effects, yet another study has reached the same conclusion. Last week, two labor economists, Professors William Even (Miami University of Ohio) and David Macpherson (Trinity University), released a study for the Washington, D.C.-based Employment Policies Institute titled “Unequal Harm: Racial Disparities in the Employment Consequences of Minimum Wage Increases.”"

 

  • Joe Miller

    I’m one of the whitest guys you’ll ever meet. There are people I refer to as “my people.” Walter Williams is one of “my people.” As are Thomas Sowell. As was Milton Friedman. They are the people who, even when I disagree with them, I realize that they are most certainly right and I am most certainly wrong.

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