A Quote by 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 Friedman

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Cause Definition Economist Either Every Inflation Knows Minimum Minimum Wage Nothing Statement Unemployment Wages

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Milton Friedman
American - Economist
July 31, 1912 - November 16, 2006

Sharp increases in the minimum wage rate are also inflationary. Frequently workers paid more than the minimum gauge their wages relative to it. This is especially true of those workers who are paid by the hour. An increase in the minimum therefore increases their demands for higher wages in order to maintain their place in the structure of wages. And when the increase is as sharp as it is in H.R. 7935, the result is sure to be a fresh surge of inflation.

Richard M. Nixon

Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.

Ludwig von Mises

High mandated minimum wages will throw people out of work and onto the welfare rolls in cases where unemployment benefits exist. When it comes to welfare payments, they obey the laws of economics, too. Indeed, if something - like unemployment - is subsidized, more of it will be produced.

Steve Hanke

The internal and external ethics of an organization must be the same; you cannot talk about minimum wages for poor people and not pay minimum wages to your own workers.

Aruna Roy

So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.

Paul Krugman

Every actor knows what unemployment is like, and knows what long periods of unemployment are like, unless you're spectacularly lucky.

Mark Bonnar

If I were in charge of the government, I would index the minimum wage to inflation, so that way, everybody knows what they can count on.

Fred DeLuca

In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.

Paul Ormerod

I grew up working for the minimum wage at Hardee's and knows first hand how important the minimum wage is. I support a state based minimum wage so every state can set their own minimum wage based on their cost of living.

Joni Ernst

Trade is not the cause for unemployment. In fact, the biggest drivers for unemployment are innovation and increased productivity. It has nothing to do with trade.

Roberto Azevedo

To the second end, we hold that minimum wage commissions should be established in the Nation and in each State to inquire into wages paid in various industries and to determine the standard which the public ought to sanction as a minimum; and we believe that, as a present installment of what we hope for in the future, there should be at once established in the Nation and its several States minimum standards for the wages of women, taking the present Massachusetts law as a basis from which to start and on which to improve.

Theodore Roosevelt

I'm more concerned about maximum wages, not minimum wages.

Greg Gianforte

Rising prices or wages do not cause inflation; they only report it. They represent an essential form of economic speech, sincemoney isjust another form of information.

Walter Wriston

No politician can praise unemployment or inflation, and there is no way of combining high employment with stable prices that does not involve some control of income and prices. Otherwise the struggle for more consumption and more income to sustain it-a struggle that modern corporations, modern unions and modern democracy all facilitate and encourage-will drive up prices. Only heavy unemployment will then temper this upward thrust. Not many wish to confront the truth that the modern economy gives a choice only between inflation, unemployment, or controls.

John Kenneth Galbraith

Workers' wages are not keeping up with inflation. Their wages are not on pace with the amount of work that they do. We work harder and longer in America and still people's wages are not keeping up with that.

Nina Turner

Such a thing as ending unemployment would never occur to Washington politicians because their corporate backers depend on the threat of unemployment to keep wages down.

Jill Stein

A Quote by Milton Friedman

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