in [n.p.] .
Written in English
|Statement||Testimony on behalf of steel companies before the Presidential Steel Board.|
|LC Classifications||HD4975.N242 B32|
|The Physical Object|
|Number of Pages||288|
|LC Control Number||50000680|
"Myth and Measurement: The New Economics of the Minimum Wage" is a comprehensive examination of the theoretical foundation and empirical evidence of minimum wage policy. The book consists of: New cross-sectional research, an examination of past research, further analysis of distributional issues, and a new theory of the minimum wage/5(8). Minimum wage laws have existed now for over years and will likely continue to exist for the foreseeable future, the evidence be damned. Such laws have considerable emotional appeal, but according to Neumark and Wascher, they actually do a /5(13). (We suppose that the price level is constant, so an increase in the nominal minimum wage implies an increase in the real minimum wage.) The increase in the minimum wage leads to a reduction in the level of employment: employment decreases f to 24, Labor is now more expensive to firms, so they will want to use fewer hours. In its proposal to increase the minimum wage, the Clinton administration and some scholars have claimed that employment would not be adversely affected. Other research supports the widespread consensus among economists that a higher minimum wage means fewer jobs. In this study, leading proponents of both views discuss the strengths and weaknesses of those .
Opponents of raising the minimum wage assert that, ceteris paribus, raising the price of something reduces demand for it and, consequently, that while some wage earners may indeed receive a raise Author: Mark Hendrickson. Explore our list of Wages & Income - Economics Books at Barnes & Noble®. Receive FREE shipping with your Barnes & Noble Membership. Due to COVID, orders may be delayed. The modern minimum wage, combined with compulsory arbitration of labour disputes, first appeared in Australia and New Zealand in the s. In Great Britain established trade boards to set minimum-wage rates in certain trades and industries. In the United States the first minimum-wage law, enacted by the state of Massachusetts in , covered only women and . Ladies and gentlemen, it is understandable to want to help out poor families, and toward that end it has been suggested that Congress increase the minimum wage, from the current $ an hour to.
Earlier studies have indicated that some businesses will cut jobs to pay employees more. In February , the nonpartisan Congressional Budget Office issued a report, “The Effects of a Minimum-Wage Increase on Employment and Family Income,” that explores two scenarios: Raising the minimum wage to $ or to $ The report concludes. The income decay among the lowest-paid workers does not reflect a decline in the value they add, and a moderate increase in the minimum wage would improve their lot without violating economic taboos, an economist writes. The Minimum Wage and the Laws of Economics. By Jared Bernstein December 4, am December 4. The Effect of a Minimum Wage Increase on Employment and Unemployment. Figure "Effects of Increasing the Real Minimum Wage" amends our view of the labor market to show an increase in the minimum wage from $5 to $6. (We suppose that the price level is constant, so an increase in the nominal minimum wage implies an increase in the real minimum wage.). Eventually even Acme sees an increase in sales and revenue collected which in turn helps pay for the wage boosts. Macro looks at the whole system. In recent years, many cities and some states have taken it on themselves to raise the minimum wage, often to a so-called “living wage”.