Fausty's Libertarian Blog: Milton Friedman on the minimum wage: sanity in every word

Tuesday, 26 April 2011

Milton Friedman on the minimum wage: sanity in every word

The sanity of the man is all the more startling when you compare him to those currently in office.

His views on "conservatism" are equally valid.

Here, he explains why the minimum wage inevitably achieves the opposite of what it is supposedly intended to accomplish.

3 comments:

Ted said...: Form over substance wins every time.; 26 April 2011 23:13
Silverfiddle said...: What lefty statists fail to understand is there is an economic equilibrium, a specific gravity, so to speak. Take from here, and the iron ledger with credit over there.

It the US we are arguing over taxes, with the Obama Socialists screaming for the "rich" to pay their "fair share."

What everyone ignores, is that through high tax rates and low tax rates 80 years, taxation as a percentage of GDP remained steady.

Rig the game, and the crafty will figure out how to take advantage of it, and the smart ones will simply take their money somewhere else.; 27 April 2011 03:21
Fausty said...: Ted, he has both.

Well put, Silverfiddle. "Fair" has become the latest soma. They know that what they propose is not fair - they just don't want the public to figure it out.

It's all Platoesque political theatre.; 1 May 2011 23:10