Repealing Bad Laws
Economist Milton Friedman discusses the difficulty of repealing bad laws, such as sugar quotas and price supports, and how economic illiteracy and a lack of understanding contribute to their sustainment. He emphasizes the rational ignorance of individuals and the need for economic education to be compelling and entertaining. Friedman also highlights the changing perception of minimum wages and the increased understanding of their impact on the employment of the poor.In this clip
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EconTalk
Milton Friedman on Capitalism and Freedom
Related Questions
How does minimum wage affect the economy as discussed in the episode The True Story of the Minimum-Wage Fight | Freakonomics Radio | Episode 460 and the clip Minimum Wage Debate?
How does minimum wage affect the economy as discussed in the episode The True Story of the Minimum-Wage Fight | Freakonomics Radio | Episode 460 and the clip Minimum Wage Debate?
How does minimum wage affect the economy according to the episode The True Story of the Minimum-Wage Fight | Freakonomics Radio | Episode 460 and the clip Minimum Wage Debate?