Larry Elder Mar 21, 2019
The brilliant Thomas Sowell, when in college, considered himself a Marxist. Asked what changed him, Sowell said, "Evidence."
After completing undergrad at Harvard and obtaining a master's in economics, Sowell landed a summer internship with the Department of Labor. While there, he researched the impact of minimum wage law on employment. Sowell learned two things, both of which he found startling.
First, minimum wage laws create job loss by pricing the unskilled out of the labor force. Second, Sowell discovered that "the people in the labor department really were not interested in that, because the administration of the minimum wage was supplying one-third of the money that was keeping the labor department going. ... I realized that institutions have their own agendas and their own incentives."
In short, Sowell found that the Department of Labor did not care about the real-world effects of the minimum wage law. He credits this experience, this search for evidence, with having the "biggest" impact on his thinking...........To Read More....