Walter E Williams – The Effects Of Minimum Wage

LibertyPen asked:

Professor Williams explains the dynamics of the minimum wage law and why it discriminates against low-skill or “non-preferred workers”. http://www.LibertyPen.com.

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19 thoughts on “Walter E Williams – The Effects Of Minimum Wage

  1. ☢TruckMafk TM™"

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    Why does there have to be a minimum wage? If they dont offer enough, make a
    counter offer after explaining why your labour is worth more than they
    offer. If they turn you down, look for someone who will pay you what you
    feel entitled to or find a compromise and also look at what everyone else
    is payed. if you are still unsatisfied, go to school or start a business.

    Reply
  2. Darvinisti

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    Every time somebody starts to speak about minorities you should be asking
    what minorities. Minorities in what characteristic? Humans have thousands
    of qualities and most people belong in minorities in some of them. Why are
    people only talking about racial minorities? Why not intellectual
    minorities? Why not moral minorities? Could it be that the race is the most
    important quality for them and thats why they refer to racial minorities as
    just minorities.

    Minorities should always be less important. If you care about people you
    should care more about more people. Not less.

    Reply
  3. MrSonicAdvance

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    This theory must be tempered by the knowledge that businesses collude both
    to raise prices and to lower wages. 

    Reply
  4. TheRatesMusic

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    Australia has a min wage around $18/hr. That’s why bananas grown 50 miles
    from my house cost more than in Canada where they are imported from
    Honduras. All a high min wage does is drive inflation and lock more and
    more people out of the job market, increasing their dependency on the
    state, justifying even more government intervention.

    Reply
  5. LucisFerre1

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    Unemployment rates among black teens is higher today than it was during the
    worst part of the Great Depression. That ought to tell you something. 

    Reply
  6. doyouwannit

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    Here’s a perspective, I would really be interested on Mr Williams take on
    it.
    We have minimum wage legislation and that in the main make us feel good
    about ourselves, look how we are looking out for those less fortunate than
    ourselves.
    My key question would be, say we increased the minimum wage to $10-00 or
    what ever prevailing currency area you happen to live within. How good
    would we feel about ourselves? How long would the financial advantage last.
    I suggest that any advantage gained would be very short lived before the
    corporates found ways to increase prices to negate any advantage,
    everything would go up in price to reflect that new spending power.
    Mr Williams is right in his assertions for the wrong reasons. We live in a
    real world where competition is king, if we pay 10 per hour for 5 per hour
    in value added terms the equation is finite and unsustainable.
    In terms of the global perspective, China pays it’s workers next to nothing
    and they are viewed as consumables, wing wong’s died for his efforts, it
    doesn’t matter hire another.
    The reality in this world is compete, protect or perish. You can’t pay
    someone twice the value that they produce without protecting yourself from
    those who have no such scruples.

    Reply
  7. waypasthadenough .

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    It should be based on the profits, or success of the corporation.

    If I want to work for a few weeks for the small farmer down the road it’s
    our business.

    When people are poor and have to have a ‘job,’ which for most isn’t
    voluntary, it’s desperation. When they have to spend 50 weeks a year(and
    often nowadays on constant mandatory overtime) in some shithole because
    that’s all that’s available in that area(and not all want to relocate for
    good reasons) then they should be able to expect to ‘make a living(an
    existence)’ without being treated like a jackass.

    Why do you think corporations pay lobbyists? For the public good? Please.

    Libertarianism is great for ‘the little man’ but the damned corporations
    don’t call us ‘human resources’ and ‘human capital’ and ‘consumers’ because
    they respect us as human beings. Look at what google is up to:

    Don’t think those assholes respect us for a heartbeat.

    If we don’t want the govt. treating us like jackasses why do we want to
    allow our employers that ‘right?’

    Don’t understand? Start here: 

    Reply

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