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Free Markets and Discrimination


Monday was Martin Luther King Day in the U.S. Take a minute to listen to one of the best speeches delivered in the past 100 years.

Next semester, in Intermediate Economics, we will talk more about the labor market. One of the most interesting ideas related to this topic is how free markets may help solve the moral problem of racial (or other kinds) or discrimination against workers.

Here’s a real life example of someone who capitalized on the mistake of others:

In the ensuing years Raveling spent more and more time at Villanova. He realized he had an advantage when it came to recruiting young black players, especially in the South, where local universities were reluctant to sign them.

Want to make money and do something good at the same time? Find a job market where irrational discrimination is unfairly depressing wages of some workers. Take advantage of it to drive those discriminating employers out of business, or at least deflate their profits.

Categories: Microeconomics
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