The consequences of minimum wage legislation

A policy which could raise wages in the low‐wage labour market without job losses would be remarkable. Employers will respond to a wage floor not only by changing the employment level but by altering the other components of job packages. The‘new economics’of the minimum wage largely ignores such eff...

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Bibliographic Details
Published in:Economic affairs (Harlow) 1997-06, Vol.17 (2), p.5-14
Main Author: Oi, Walter Y.
Format: Article
Language:English
Subjects:
Employment
Labour market
Labour policy
Low income
Minimum wages
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Summary:A policy which could raise wages in the low‐wage labour market without job losses would be remarkable. Employers will respond to a wage floor not only by changing the employment level but by altering the other components of job packages. The‘new economics’of the minimum wage largely ignores such effects.
ISSN:0265-0665
1468-0270
DOI:10.1111/1468-0270.00020