Milton Friedman on Minimum Wage

Milton Friedman discusses the effects of minimum wage, dispelling the myth that it is a Good Thing.
--
50 Years of Research on the Minimum Wage:
http://www.house.gov/jec/cost-gov/regs/minimum/50years.htm

Category:

News & Politics

Tags:

• libertarian
• freedom
• liberty
• ron
• paul
• obama
• clinton
• mccain
• bush

[Woodchuckk]

There are a couple guys in the comments talking about the "Australian" economic model.

The Austrian Economic School, named so because its founders were from Austria, is not to be confused with the current economy of Austria, a person from Austria,Australia, Nicole Kidmen, Crocodile Dun Dee, Russell Crow, Kangaroos, Koalas, or Qantas air lines.

Hope that clears things up.

[crazypants88]

@Parpyduck There's almost a 100% correlation with all the people who post on this video and are for the minimum wage.

All they use are assertions. They very rarely argue their point.

Friedman made an actual argument, if you want to actually debunk him, argue your case. It only seems fair.

[nerfmyaccount]

Milton Friedman wasn't the first rich white man to want to put the Blacks to work as long as he didn't have to pay them much lol

[jrwel14]

@RacerXGTO You're just a stupid fool! Do very well trading options and the Forex. So, why make less money working for somone else? Buffet and J.P. Morgan said that class warfare is being done BY the rich against the middle class!

[RacerXGTO]

@jrwel14 You're just spouting class envy, wage jealousy. Get off your ass, build a business and try to become one of those wealthy instead of sitting there feeling sorry for yourself expecting nanny government to whip out it's tit and feed you whenever you cry.

[jrwel14]

@crazypants88 While CEOs and such can't be paid enough by Conservative beliefs!

[crazypants88]

@jrwel14 A worker should be paid whatever rate the worker and the employer agree on.

I'm not advocating lower wages, if I had magic wand and could make everyone rich and happy, I would. But the fact of the matter is MW hurts poor, unskilled workers the most by reducing their employability (i probably just made that word up).

At best MW helps only a few workers but at the detriment of other workers.

[jrwel14]

@crazypants88 Guess the average unskilled worker should be paid 1920s rates.

[crazypants88]

@jrwel14 Fair enough I guess he is.

In any case no one's saying that workers are not necessary for a functioning business, the point of contention is that artificially raising wages will not result in the desired result.

It will result in less employment and it will be much harder for unskilled workers to be employed since the MW is often higher than what the average unskilled worker is valued at.

[jrwel14]

@crazypants88 Adam Smith IS considered the father of modern day economics and capitalism. So bosses, Thank your workers for making your company possible. Bill Gates can't run Microsoft by himself. Which is what Adam smith was refereing to.

[crazypants88]

@jrwel14 Adam Smith might be the first or one the firs economist but he's not the father of modern day economics nor were all of his views valid.

It's like saying you should study Sigmund Freud if you want to get a grasp of modern day psychology.

Also paying more than MW would just result in higher prices and unemployment for those workers valued at below the new mandated going rate.

[jrwel14]

@crazypants88 So, pay them more than minimum wage. But conservatives would rather pay CEO s more and the workers less. They need to study the father of modern day econonics, Adam Smith. Who said it's the base, NOT the top that makes capitalism work.