Milton Friedman taught that "the substitution of contract arrangements for status arrangements was the first step toward the freeing of the serfs in the Middle Ages." He cautioned against set prices. "The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum-wage laws." Those laws are "one of the most, if not the most, anti-black laws on the statute books."
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