The College of William & Mary (1978). Dr. Milton Friedman discusses so-called "equal pay for equal work" and explains how capitalism makes people pay for their prejudices. There Is No Male-Female Wage Gap: "A study of single, childless urban workers between the ages of 22 and 30 found that women earned 8% more than men." http://online.wsj.com/article/SB10001424052748704415104576250672504707048.html Equal Occupational Fatality Day http://mjperry.blogspot.com/2011/04/next-equal-occupational-fatality-day-in.html Labor Market Gender Arbitrage: Multinational Corporations Profiting From Sexism By Hiring Female Talent in S. Korea http://mjperry.blogspot.com/2010/12/gender-arbitrage-mncs-profiting-from.html From Armen A. Alchian's entry in THE CONCISE ENCYCLOPEDIA OF ECONOMICS: "In a paper coauthored with Reuben Kessel, Alchian, who was himself subject to discrimination as an Armenian, and Kessel pointed out that discrimination was more pervasive in private firms whose profits were regulated by the government, and then explained that this is what the analysis of property rights would predict. Discrimination is costly—not just to those discriminated against, but also to those who discriminate. The discriminators give up the chance to deal with someone with whom they could engage in mutually beneficial exchange. Therefore, argued Alchian and Kessel, discrimination would be more prevalent in situations where those who discriminate do not bear much of the cost from doing so. A for-profit company whose profits are not regulated would see the cost of discrimination in its bottom line in the form of lower profits. A company whose profits are limited and that is already at the limit would face no cost from discriminating. Alchian and Kessel used this analysis to explain why regulated utilities discriminated against Jews and why labor unions discriminated against blacks. This analysis explains why Alchian has never trusted government—but has trusted free markets—to reduce discrimination." http://www.econlib.org/library/Enc/bios/Alchian.html This excerpt is from Milton Friedman Speaks: Lecture 14, "Equality and Freedom in the Free Enterprise System" http://www.freetochoose.net/store/product_info.php?products_id=98 In this lecture, at the 1:10 mark, he refers to a book published in 1964 called "The Economics of the Colour Bar: A Study of the Economic Origins and Consequences of Racial Segregation in South Africa" by William Harold Hutt. It can be downloaded for free from the Ludwig von Mises Institute: http://www.mises.org/books/colour.pdf

• published: 28 Jul 2009
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