Wednesday, July 24, 2019

Setting Minimum Wages: A Study in Supply and Demand

To quote Dr. Thomas Sowell, economist at Stanford University: "One of the simplest and most fundamental economic principles is that people tend to buy more when the price is lower and less when the price is higher. Yet advocates of minimum wage laws seem to think that the government can raise the price of labor without reducing the amount of labor that will be hired."

More here: Lessons from the Past


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