“Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.”
— Basic Economics: A Citizen's Guide to the Economy
ThomasSowellQuotes / Thomas Sowell Quotes
npub1g2…0sdc7
2024-03-23 06:53:24
Author Public Key
npub1g2sz94rxe3y2vh7u3wawgc73h0282xuyl4uvzljmvcru9cvegsfqz0sdc7Published at
2024-03-23 06:53:24Event JSON
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"content": "“Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.”\n\n— Basic Economics: A Citizen's Guide to the Economy",
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