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Deirdre McCloskey on the Unsavory History of the Minimum Wage

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As I’ve said on other occasions: compared to (most of) today’s advocates of the minimum wage, the minimum-wage’s early advocates had far worse ethics but a far better grasp of economics. ┬áThese early advocates of the minimum wage correctly understood not only that the minimum wage destroys jobs for some low-skilled workers, but also that the low-skilled workers most likely to suffer the consequent job losses are those who are held in lowest esteem by their fellow human beings.