Milton Friedman on What the Rich Do With Their Money – and on the Minimum Wage

by Don Boudreaux on October 16, 2013

in Inequality, Myths and Fallacies, Reality Is Not Optional, Seen and Unseen, Video, Work

In this four-minute-long clip from a 1979 Phil Donahue Show, Milton Friedman discusses the topic of today’s Quotation of the Day, as well as some of the pernicious consequences of minimum-wage legislation¬†government prohibitions on low-skilled workers being gainfully employed if those workers cannot persuade employers to hire them at hourly wage rates that are at least as high as the hourly wage rate somehow divined by politicians as being minimally acceptable for these workers.

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