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Walter Williams and Thomas Sowell on the Minimum Wage as Maximum Folly
Posted By Don Boudreaux On October 8, 2013 @ 4:28 pm In Crony Capitalism,Reality Is Not Optional,Seen and Unseen,Work | Comments Disabled
Here’s a relatively recent seven-minute-plus discussion between my GMU Econ colleague Walter Williams and the Hoover Institution’s Thomas Sowell on
the minimum wage government’s practice of ordering low-skilled workers to remain unemployed if, and for however long as, those workers are unable to persuade or entice employers to hire them at wages at least as high as the wage that government dictates.
A quotation from Walter from mid-way through the discussion:
The minimum-wage law has been, and continues to be, one of the most effective tools in the arsenal of racists everywhere around the world.
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