Minimum Quote by Thomas Sowell
“The real minimum wage is zero.”
About This Quote
Source Book: Basic Economics, 2000
The lowest legal wage is zero, implying that any positive minimum wage is a policy choice, not a necessity.
In simple terms: Minimum wage can be set at zero.
Key Takeaway
Consider the economic impact before setting wage floors.
Themes
economics
policy
labor market
Mood
critical
analytical
Type
economic
policy
When to use this quote
- government legislation
- business budgeting
- worker negotiations
Key Concepts
price floor
employment effects
Questions to Reflect On
- Is a zero minimum wage realistic in modern economies?
- How do wage floors affect small businesses?
A Different Perspective
Higher wages may cause unemployment if not matched with productivity.
