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The details of minimum wage laws show why they are so harmful

Large businesses in Saint Paul are already paying their workers at least $15ph and raising the city's minimum wage has always been about raising costs for the city's small businesses. Slowing the increase for these businesses is a sign that, whatever they might say, Saint Paul's policymakers realize that it will have very real costs. If only they would be honest about it.  ...

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Milton Friedman: Good wealth, bad wealth

Generally, the rich got that way by catering to the demands of other people in a reasonably free market. They did not get rich by making people poor, but by selling them what they wanted. There are, of course, cases where someone has got rich by stealing from another by force or fraud. But there the problem is the theft, not the inequality it gives rise to. In this Newsweek column from August 1981, the economist Milton Friedman explains that people cannot get rich at the expense of others only by committing theft or fraud themselves, but also by enlisting...

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