Amount Quote by Paul Samuelson
““What good does it do a black youth to know that an employer must pay him $2 an hour if the fact that he must be paid that amount is what keeps him from getting a job?””
About This Quote
Source Speech: Public Lecture on Labor Economics, 1970
The quote highlights how minimum wage laws can unintentionally reduce employment opportunities for the very groups they aim to protect.
In simple terms: Minimum wage may hurt job chances for black youth.
Key Takeaway
Consider policy impacts on target groups.
Themes
economics
labor
race
policy
employment
Mood
critical
analytical
Type
policy
economic
social
When to use this quote
- job seekers
- policy makers
- employers
- advocates
- students
Key Concepts
minimum wage
unintended consequences
labor market discrimination
Questions to Reflect On
- How could alternative policies improve job access?
- What trade‑offs exist between wage floors and employment?
A Different Perspective
Higher wages might increase labor costs, leading employers to hire fewer workers.
![“When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.” quote by Paul Samuelson](https://sms4smile.com/quotes/img-quotes/0e0/paul-samuelson-9078_advice_when-the-economy-was-going-up-milton-fri_107897.jpg)
