Notable Quote – Paul Samuelson

Let me read you another one. “Minimum wage rates: these often hurt those they are designed to help. What good does it do a Negro youth to know that an employer must pay him $1.60 per hour if the fact that he must be paid that amount is what keeps him from getting a job?” By the way, we need not just say Negro youth there; what good does it do any young person to know that an employer must pay him $1.60 if that is the fact that keeps him from getting the job at all? Where is this statement from? From the seventh edition of Economics by Paul Samuelson.

-Paul Samuelson (first American to receive a Nobel prize)

(H/T: Ben Rogge via Cafe Hayek)