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Quotation of the Day…

… is the closing line of Milton Friedman’s excellent September 26, 1966, Newsweek essay, “Minimum-Wage Rates”:

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 are among those who think superficially about this matter does not diminish the superficiality of the case for minimum wages.