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Econ 101

Posted By Don Boudreaux On February 2, 2013 @ 11:48 am In Reality Is Not Optional,Seen and Unseen | Comments Disabled

Some comments on this recent Quotation of the Day post [1] (that featured a selection from Robert Higgs’s Competition and Coercion [2]) 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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[1] this recent Quotation of the Day post: http://cafehayek.com/2013/02/quotation-of-the-day-536.html

[2] Competition and Coercion: http://www.amazon.com/exec/obidos/tg/detail/-/0226333949/qid=1130605185/sr=1-12/ref=sr_1_12/103-2724537-6513457?v=glance&s=books

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