Samuelson: Minimum-wage madness

A while back — in January 1997, to be precise — I wrote a column on the euro, which was to be introduced in 1999. I didn’t find much to like. It was a “lunatic idea.” A single currency worked in the United States, “because wages are flexible and workers are mobile.” Europe lacked these advantages. Countries would also give up individual movable exchange rates, which compensate for national differences. The potential tragedy was that “the single...

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