Quotulatiousness

May 31, 2016

QotD: The minimum wage

Filed under: Business, Economics, Quotations — Tags: , , — Nicholas @ 01:00

In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period. The law says: it is illegal, and therefore criminal, for anyone to hire anyone else below the level of X dollars an hour. This means, plainly and simply, that a large number of free and voluntary wage contracts are now outlawed and hence that there will be a large amount of unemployment. Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result.

Murray Rothbard, “Outlawing Jobs: The Minimum Wage”, 1998.

Related posts:

  1. A real-life experiment – does a higher minimum wage cause job losses?
  2. Minimum wage and “living wage”
  3. Puerto Rico’s minimum wage experiment
  4. Minimum-wage jobs becoming more likely to be replaced by robots
  5. The great Los Angeles minimum wage experiment

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