Minimum Wages and “General Equilibrium”: Methodological Problems

Christian Ragacs

Chapter 3 in Minimum Wages and Employment, 2004, pp 39-48 from Palgrave Macmillan

Abstract: Abstract As illustrated in chapter two, the theoretical analysis of the effects of minimum wages in microeconomic literature is generally conducted in a partial equilibrium and comparative static context. We have pointed out that this procedure appears methodologically problematic, and that implementation in a general equilibrium system seems desirable. This undertaking raises theoretical problems, which will be covered in this chapter.

Keywords: Minimum Wage; General Equilibrium; Excess Demand; General Equilibrium Model; Walrasian Equilibrium (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59627-6_3

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DOI: 10.1057/9780230596276_3

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