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The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
Milton Friedman
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Interpretation

What this quote means

Minimum wage laws aimed at reducing poverty can inadvertently harm the very people they intend to help.

Milton Friedman argues that minimum wage laws, while supported by good intentions to alleviate poverty, often lead to unintended consequences that can worsen the economic situation for those they aim to assist. The increased wage floor may lead to fewer job opportunities for the most impoverished individuals, illustrating the complexity of economic policies where well-meaning interventions can sometimes create more harm than good.

Themes

Minimum WagePovertyEconomicsWell-MeaningPolicy

In practice

Example use cases

During a discussion about economic policy, one might quote Friedman to illustrate the unintended consequences of minimum wage laws.

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