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://web.archive.org/web/2011062918...

• Category

  News & Politics

[KingofCrud]

man youre a fuckin idiot. who the hell is going to pay them to "create art that expresses what they feel"? and maybe they dont want to retrain to do something else. marketing is a huge industry for artists and designers (and thousands of othher people), why the hell would you take that away? thats a whole facet of the free market you want to destroy. maybe when youre done with 10th grade youll realize how batshit insane your ideas are

[HobbiesBD]

No progress? Are you for real? You are going to actually sit here and say that competition does no good for markets and pretend to know what you're talking about.

And you're right, a government monopoly is way more powerful and tyrannical than a corporate monopoly.

And you realize that by getting rid of marketing industry, you kill all thousands of jobs, destroy an entire segment of the market and severely damage the economy, business, and society.

Have you thought ANY of this through?

[StraightFashionMan]

Losing your job because of minimum wage is kind of like being on the World Trade Center on 9/11. You can either be unemployed or work for minimum wage. You can either be burned alive, or jump off the World Trade Center.

[zzL0RDEnglish]

If there's a labor crunch, then wages should go up. If there's an excess supply, then wages should go down. Basic laws of economics.

Both temporary foreign workers (or illegal migrants) or outsourcing ARTIFICIALLY drive wages down. This issue has recently erupted in Canada where the Feds have recognized it's undermining the system (or being abused) and changed it.

Google "RBC Temporary foreign workers" or "Denny's restaurant settles foreign worker lawsuit"

[bn4s]

What's wrong with cheap labor and outsourcing?

[zzL0RDEnglish]

Milton is absolutely right only if it's a closed economy.

But...

Where I'm from, businesses are bringing in cheap labor from Central America and undermining the minimum wage to keep wages artificially low. There's also the issue of outsourcing to India (which happened in my company) to keep salary costs down.

[HobbiesBD]

you are a very angry person. it's funny.

[4EverDubin]

Well, you can see here how passionate you do-gooders are when arguing with people who advocate for absolute truth. You second-handers who don't know better:

/watch?v=aGGxurr0KHI

[4EverDubin]

(Continue)

Milton Friedman's economic philosophy is simple, LEAVE PEOPLE ALONE!

What is government? Well, government shouldn't be anything more then a force by the people. Anything more then that, the end result is a separation of the people from government as a arbitrary force in it's instinctive nature to rule all.

What is Government? For all Americans, a way of life. The price for Freedom is Eternal Vigilance.....which is a nightmare for most Americans these days, lol!

[4EverDubin]

The only people here that need to wake up is your kind. Our government is inefficient based off of the ignorance from the likes of you do-gooders and arrogance, the special interest groups who take advantage of of you do-gooders in the form of altruism.

"they wouldnt just magically hire people out of the kindness of their heart "

Exactly my point, and only reason why the system should be free on all facets including prices so that there will be a intuitive incentive on both sides.