"The minimum wage provisions of the Fair Labor Standards act of 1938 have been repealed by inflation. Many voices are now taking up the cry for a higher minimum, say, of 60 to 75 cents per hour. Economists have not been very outspoken on this type of legislation. It is my fundamental thesis that they can and should be outspoken, and singularly agreed. The popular objective of minimum wage legislation-the elimination of extreme poverty-is not seriously debatable. The important questions are rather (1) Does such legislation diminish poverty? (2) Are there efficient alternatives? The answers are, if I am not mistaken, unusually definite for questions of economic policy. If this is so, these answers should be given."
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Original Language: English
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George Stigler, "The Economics of Minimum Wage Legislation", The American Economic Review, Vol. 36, No. 3 (Jun., 1946)
https://en.wikiquote.org/wiki/Minimum_wage
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Minimum wage
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