Source:Ama Gilly– Professor Milton Friedman on The Open Mind With Richard Hefner, in 1975.
“It is immoral to say that people with low skills are not allowed to work.
Milton Friedman discusses the effects of minimum wage, dispelling the myth that it is a Good Thing.
PBS “The Open Mind” (December 7, 1975)
50 Years of Research on the Minimum Wage:U.S. House of Representatives
From Ama Gilly
I disagree with Professor Friedman on one critical point: there’s no such thing as a free market as it relates to wages or anything else. The so-called free market doesn’t decide wages in America. Employers do that. So when he says that having a minimum wage forces employers to pay workers more than they deserve, he’s simply wrong about that. Businesses simply can’t survive without low-skilled jobs. That alone makes people who work those jobs essential jobs. So if anything, just based on my point and those facts, our minimum wage workers are definitely underpaid, because they’re essential workers doing work in America that has to get done.
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