Hazlitt Chapter 19, Bandow 1. Hazlitt argues that minimum wages can induce firms to pay workers a wage greater than the apparent value of the worker's product. According to Hazlitt, the best way to raise wages is to increase labor productivity through capital accumulation. Doug Bandow's article shows that minimum wage increases are particularly harmful for middle-aged white males. They do not significantly affect unemployment.
Business hires workers without regard to wage rates.
Small to moderate minimum wage rate increases have no effect on unemployment. Minimum wages hurt some groups but definitely help black teenagers. George W. Bush. According to Mises, price controls will tend to result when government is a purchaser of the commodity to be controlled inflation causes higher prices and people are complaining. Ludwig von Mises John Maynard Keynes Friedrich A. von Hayek Mark Skousen 3.