A Conversation with Deceased Nobel Laureate Economist Dr. Milton Friedman
Supporting low wages inherently means relying on social programs.Milton Friedman, the famous Nobel laureate economist, presented a dichotomy. He argued that government solutions don’t solve problems and often make them worse, yet he also recommended government solutions to address poverty.Last week, we explored the first of two questions about this dichotomy. We determined that higher wages don’t cause inflation, so there's no inflationary reason not to pay livable wages. Resolving the inflation question leads us to reconsider the government's role in economically supporting individuals…
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