Minimum Wages, Inflation and Unemployment – Milton Friedman

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

Milton FriedmanMilton Friedman on minimum wages, inflation and unemployment—a pointed quote on the economic policy debate.
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Milton Friedman was an American economist and a leading figure in the field of monetarism.

The attributed quote critically addresses the possible effects of minimum wages on inflation and employment.


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Milton Friedman quote about minimum wages, inflation and unemployment

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 unemploymentCopyright © yoice.net – Quote Artwork
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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
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Quote by Henry Hazlitt about inflation and its unavoidable economic consequencesCopyright © yoice.net – Quote Artwork
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"If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences." Henry Hazlitt
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Milton Friedman on Freedom and Fairness in Founding DocumentsMilton Friedman quote about freedom and fairness in America's founding documentsCopyright © yoice.net – Quote ArtworkQuote image featuring Noam Chomsky's perspective on double standards and hypocrisyCopyright © yoice.net – Quote ArtworkDouble Standards – Quote by Noam Chomsky