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

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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 [2]” – pushes the minimum wage up and, in consequence, the economic well-being of low-skilled workers down.