The Genius of Thomas Sowell cover image

Sowell's views on Minimum Wage Laws

The Genius of Thomas Sowell

CHAPTER

The 35,000 Foot View of Minimum Wages

Economics is the study of post obvious, and sometimes things that are obvious in hindsight, you know, sometimes you see this when someone wins a Nobel Prize. And I think one of the things that we're going to have theoretical reasons why the minimum wage wouldn't have an effect on employment which does not necessarily mean that it doesn't has an effect on worker well being. The first and most common one is what's called monopsony power which is that  employers have a lot of power over setting wages.

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