“As I’ve said on other occasions: compared to (most of) today’s advocates of the minimum wage, the minimum-wage’s early advocates had far worse ethics but a far better grasp of economics. These early advocates of the minimum wage correctly understood not only that the minimum wage destroys jobs for some low-skilled workers, but also that the low-skilled workers most likely to suffer the consequent job losses are those who are held in lowest esteem by their fellow human beings.”
(H/T: Cafe Hayek)
