Saturday “The true minimum wage is zero—the amount an unemployed person receives from his nonexistent employer,” Milton Friedman A wage is paid when an employer (non-government) determines that he can profit by employing the person at that amount. If the wage is so high that the employer cannot profit, then he will not employ the person and no wage will be paid. A … [Read more...]
Different Ways to Spend Money
Saturday There are only four different ways to spend money (to paraphrase Milton Friedman): 1 Spend your own money on yourself, 2 spend your own money on someone else, 3 spend someone else’s money on yourself, or 4 spend other people’s money on other people. They are ranked in efficiency in the order enumerated. If you spend money on … [Read more...]