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Milton Friedman on Pricing Low-Skilled Workers Out of Jobs with Minimum-Wage Legislation

Posted By Don Boudreaux On October 11, 2013 @ 11:31 pm In Crony Capitalism,Seen and Unseen,Video,Work | Comments Disabled

In this short video (likely from the early or mid-1970s) Milton Friedman explains how an unholy coalition between the well-meaning and the greedy – what the wise and great Bruce Yandle calls “bootleggers and Baptists [1]” – pushes the minimum wage up and, in consequence, the economic well-being of low-skilled workers down.

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[1] bootleggers and Baptists: http://object.cato.org/sites/cato.org/files/serials/files/regulation/1983/5/v7n3-3.pdf

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