{"id":6986,"date":"2010-09-22T19:14:38","date_gmt":"2010-09-22T09:14:38","guid":{"rendered":"http:\/\/maddruid.com\/?p=6986"},"modified":"2012-03-05T15:42:01","modified_gmt":"2012-03-05T07:42:01","slug":"2255-of-walter-williams-on-minimum-wage","status":"publish","type":"post","link":"https:\/\/maddruid.com\/?p=6986","title":{"rendered":"[2254] Of Walter Williams on minimum wage"},"content":{"rendered":"<blockquote><p>Suppose a fence can be produced by using either one high skilled worker or by using three low skilled workers. If the wage of high skilled workers is $38 per day, and that of a low skilled worker is $13 per day, the firm employs the high skilled worker because costs would be less and profts higher ($38 versus $39). The high skilled worker would soon recognize that one of the ways to increase his wealth would be to advocate a minimum wage of, say, $20 per day in the fencing industry&#8230; After the enactment of the minimum wage laws, the high skilled worker can now demand any wage up to $60 per day &#8230; and retain employment. Prior to the enactment of the minimum wage of $20 per day, a demand of $60 per day would have cost the high skilled worker his job. Thus the effect of the minimum wage is to price the high skilled worker&#8217;s competition out of the market. [Walter Williams. <em>The State Against Blacks<\/em>. 1982]<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Suppose a fence can be produced by using either one high skilled worker or by using three low skilled workers. If the wage of high skilled workers is $38 per day, and that of a low skilled worker is $13 per day, the firm employs the high skilled worker because costs would be less and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,10],"tags":[1284,1194,1193],"class_list":["post-6986","post","type-post","status-publish","format-standard","hentry","category-books-printed-materials","category-economics","tag-minimum-wage","tag-the-state-against-blacks","tag-walter-williams"],"_links":{"self":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/6986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6986"}],"version-history":[{"count":4,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/6986\/revisions"}],"predecessor-version":[{"id":9884,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/6986\/revisions\/9884"}],"wp:attachment":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}