Minimum-Wage Laws and Employment – Quote by Milton Friedman

Milton Friedman was an American economist and a leading figure in the field of monetarism.

Milton Friedman criticizes the possible employment effects of minimum-wage laws, focusing on workers with limited skills.

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Milton Friedman (1912–2006) was an American economist and Nobel laureate, renowned for his contributions to microeconomics, monetarism, and his advocacy of free-market policies. He influenced economic policy in the US and worldwide.

Murray Rothbard discussing the relationship between minimum wage laws and unemployment

2. March 2021

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"Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers... Because a minimum wage, of course, does not guarantee any worker's employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him." Murray Rothbard

Murray Rothbard quote about minimum wage laws and jobs

5. August 2023

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"Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result." Murray Rothbard

Milton Friedman quote about minimum wages, inflation and unemployment

6. July 2018

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"Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition." Milton Friedman