Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.
Milton FriedmanPlato assumes somehow that government is a way in which you put unselfish and ungreedy men in charge of selfish and greedy men. But government is an institution whereby the people who have the greatest drive to get power over their fellow men, get in a position of controlling them. Look at the record of government. Where are these philosopher kings that Plato supposedly was trying to develop?
Milton FriedmanWhat's the difference? How can people be so inconsistent? Why is it that free immigration was a good thing before 1914 and free immigration is a bad thing today? Well, there is a sense in which that answer is right. There's a sense in which free immigration, in the same sense as we had it before 1914 is not possible today. Why not?
Milton FriedmanFreedom means diversity but also mobility. It preserves the opportunity for today's disadvantaged to become tomorrow's privileged and, in the process, enables almost everyone, from top to bottom, to enjoy a fuller and richer life.
Milton FriedmanIn response to a suggestion that total free trade would end in cheaper foreign products flooding the market and causing unemployment.
Milton FriedmanThe high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.
Milton Friedman