Milton Friedman was weak on methodology and monetary policy, and he was something of a government technocrat (He crested income tax withholding), but he was very good on the minimum wage.
What a coincidence. I was just watching this video the other day as I'm putting together my thoughts for the youtube video I'm working on. I think Henry Hazlitt did a better job in Economics in One Lesson, but Friedman was not far behind.
The empirical evidence paints a devastating picture against the minimum wage. BUT, it sounds good and makes the Keynesian spend-thrifts feel good about themselves. And it seems that is what matters most.........
What I don't see covered is that minimum wage laws and payroll and employee liabilities in general hurt everyone and especially demolish the middle class.
What a coincidence. I was just watching this video the other day as I'm putting together my thoughts for the youtube video I'm working on. I think Henry Hazlitt did a better job in Economics in One Lesson, but Friedman was not far behind.
ReplyDeleteThe empirical evidence paints a devastating picture against the minimum wage. BUT, it sounds good and makes the Keynesian spend-thrifts feel good about themselves. And it seems that is what matters most.........
What I don't see covered is that minimum wage laws and payroll and employee liabilities in general hurt everyone and especially demolish the middle class.
Deleteand to be fair he suggested it as a wartime measure, nor realizing tax withholding would stick around.
ReplyDeleteHe never said it was a mistake.
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