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Applying the costs imposed by discrimination to other aspects of life.
In the, now famous, clip above Milton Friedman makes the argument that the market imposes costs to discrimination where ‘equal work’ laws would not.
Is there a name for this economic insight? Can this be applied to other aspects of life, and if so, how?
It’s called free market economics. The idea is that when a business deliberately reduces its customer-base, it tends to earn less money.
It can be applied to virtually every aspect of life.
