Premium
The consequences of minimum wage legislation
Author(s) -
Oi Walter Y.
Publication year - 1997
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/1468-0270.00020
Subject(s) - minimum wage , legislation , labour economics , wage , economics , efficiency wage , low wage , compensating differential , wage share , law , political science
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.