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Bonus Quotation of the Day…

Posted By Don Boudreaux On October 18, 2013 @ 1:20 pm In Crony Capitalism,Seen and Unseen,Work | Comments Disabled

… is from comments made after a formal talk in 1962, in Chicago, by the noted labor economist Albert Rees [1] (1921-1992); Rees’s comment quoted below appears on pages 17-18 here [2]):

The minimum wage is really northern legislation by which we in the north have tried to protect ourselves against competition from low-wage industries in the South.  If I were a southerner, this would bother me a great deal; it bothers me a bit even so.

If you look at the roll-call votes in the Congress on increases in the minimum wage under the Fair Labor Standards Act, you will find a solid regional alignment – the northerners are always for increases, whether they are Republicans or Democrats, and the southerners, almost all Democrats, are always against it.

See also pages 111-114 of David Henderson’s splendid 2002 volume, The Joy of Freedom [3].

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[1] Albert Rees: http://harris.princeton.edu/pubs/pdfs/506.pdf

[2] here: http://www.chicagobooth.edu/~/media/A7021F32F09542A7A544C84154D43E83.PDF

[3] The Joy of Freedom: http://www.amazon.com/Joy-Freedom-Economists-Odyssey/dp/0130621129/ref=la_B001IZ1HAS_1_3?ie=UTF8&qid=1353851273&sr=1-3

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