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… is the closing line of Milton Friedman’s excellent September 26, 1966, Newsweek essay, “Minimum-Wage Rates”: [2]
The rise in the legal minimum-wage rate is a monument to the power of superficial thinking.
Indeed. And the fact that even some highly credentialed professional economists [3] are among those who think superficially about this matter does not diminish the superficiality of the case for minimum wages.