„Envy was considered one of the seven deadly sins before it became one of the most admired virtues under a new name, ’social justice‘.“
“The first lesson of economics is scarcity. There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
„It is not written in the stars that young black males must have astronomical rates of unemployment. It is written implicitly in the minimum wage laws.
We have gotten so used to seeing unemployment rates of 30 percent or 40 percent for black teenage males that it might come as a shock to many people to learn that the unemployment rate for 16- and 17-year-old black males was just under 10 percent back in 1948. Moreover, it was slightly lower than the unemployment rate for white males of the same age.
How could this be?
The economic reason is quite plain. The inflation of the 1940s had pushed money wages for even unskilled, entry-level labor above the level specified in the minimum wage law passed 10 years earlier. In other words, there was in practical effect no national minimum wage law in the late 1940s.”