Bonus Quotation of the Day…

by Don Boudreaux on February 23, 2021

in Reality Is Not Optional, Seen and Unseen, Work

is from page 10 of my late, great colleague Walter Williams’s 2011 book, Race & Economics:

The ability to prevent a less-preferred worker from accepting a lower wage is one of the most effective tools in the arsenal of racists everywhere.

DBx: Yes.

Racists who used minimum wages as a means of denying economic opportunity to others had, despite their vile motives, a correct understanding of economics. Well-intentioned people today who support minimum wages as a means of helping poor workers score better than racists on the ethical front, but worse than racists on the economic-understanding front. Minimum-wage statutes still, as always, impose disproportionate harm on societys most vulnerable individuals.


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