Econ 101

by Don Boudreaux on February 2, 2013

in Reality Is Not Optional, Seen and Unseen

Some comments on this recent Quotation of the Day post (that featured a selection from Robert Higgs’s Competition and Coercion) spark me to pose the follow question.  It is not a trick question.  Feel free to answer in the comments section.

If the legislated minimum-wage rises in the U.S., which of the following two people is most likely to benefit from that rise: (1) Joe, a black 17-year-old recent graduate of a New York City public school, raised by a single mother, living in a very poor section of inner-city New York, or (2) Jim, a white 17-year-old recent graduate of an exclusive private school, raised in a two-parent household, living in Manhattan’s very wealthy Upper East Side?

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