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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 creati… - Thomas Sowell
" "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.
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About Thomas Sowell
Thomas Sowell (born June 30, 1930) is an American economist and political commentator. He taught economics at Cornell University, the University of California, Los Angeles, and since 1980 at the Hoover Institution at Stanford University, where he is currently Senior Fellow.
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Additional quotes by Thomas Sowell
What was special about America was not that it had slavery, which existed all over the world, but that Americans were among the very few peoples who began to question the morality of holding human beings in bondage. That was not yet a majority view among Americans in the 18th century, but it was not even a serious minority view.
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