Introduction

Christian Ragacs

Chapter 1 in Minimum Wages and Employment, 2004, pp 1-12 from Palgrave Macmillan

Abstract: Abstract The notion of “minimum wage” is used quite differently in political and theoretical discussions. Theoretical literature dominantly describes the minimum wage as a wage floor based on laws and regulations. However, wages resulting from bargaining between unions and firms are also defined as minimum wages. In both cases the minimum wage applies only to employed persons.1 A third interpretation of “minimum wage” is based on a completely different economic focus, as it describes the right to a specific level of income transfers, independently of the form of working effort, for every person in an economy. In this book we are interested in the economic effects of the first two cases.

Keywords: Human Capital; Minimum Wage; Endogenous Growth; Wage Bargaining; Bargaining Result (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1057/9780230596276_1

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