Minimum and Maximum Prices
Black politicians, civil rights organizations and others who say they are concerned with the welfare of poor black people often support harmful measures. One of the most effective tools for disadvantaged people is to be able to charge a lower price for what they sell and pay a higher price for what they buy. Let’s look at this principle first using a couple of nonracial examples. How does chuck steak compete with a more preferred cut such as filet mignon? Everyone knows the answer. It sells for a lower price, say $7 a pound compared to filet mignon’s $20. Suppose … Continue reading →