Bonus Quotation of the Day…

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… is from pages 148-149 of the 2021 35th anniversary edition of Steven Rhoads’s excellent 1985 book, The Economist’s View of the World: And the Quest for Well-Being (footnote deleted; links added):

Just as landlords adjust when forced to keep rents low, employers adjust when required to pay low-skilled workers more than a market wage. If they have previously offered workers inexpensive insurance or partial daycare coverage, they can discontinue these nonwage benefits. Perhaps more important, they can discontinue on-the-job training. Jacob Vigdor, one of the University of Washington economists who conducted the Seattle study, worries that, by harming employment opportunities for junior workers, we may be removing the bottom rung of the ladder to future, better-paid jobs.