Quotation of the Day…

… is from page 40 of my late, great colleague Walter Williams’s remarkable 1982 book, The State Against Blacks:

The racial effect of the minimum wage laws exist in the absence of racial preferences on behalf of employers. The minimum wage law gives firms effective economic incentive to seek to hire only the most productive employees, which means that firms are less willing to hire and/or train the least productive employee, which includes teenagers, particularly minority teenagers. But assuming away any productivity differences between black and white workers, minimum wage laws give firms incentive to racially discriminate in hiring. The reason is that the minimum wage law lowers the private cost of discriminating against the racially less preferred person.

Source: Quotation of the Day…