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“Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.”
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“Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.”
― Basic Economics: A Citizen's Guide to the Economy
― Basic Economics: A Citizen's Guide to the Economy
“Racism does not have a good track record. It's been tried out for a long time and you'd think by now we'd want to put an end to it instead of putting it under new management.
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“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
― Is Reality Optional? And Other Essays
― Is Reality Optional? And Other Essays
“I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.”
― Barbarians Inside the Gates and Other Controversial Essays
― Barbarians Inside the Gates and Other Controversial Essays
William’s 2025 Year in Books
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