Supporting the Partial Equilibrium Results

Christian Ragacs

Chapter 4 in Minimum Wages and Employment, 2004, pp 51-67 from Palgrave Macmillan

Abstract: Abstract As mentioned in the introduction, this chapter presents a simple static general Walrasian model, which has been modified to become a “non-market-clearing” equilibrium model through the introduction of a minimum wage. The analysis is based completely on the considerations of chapter three. However, the analysis is expanded by specific assumptions on the profit and utility maximization behavior of the economic agents. These assumptions will also serve as a foundation for the dynamic enlargement throughout our examination (without, respectively with the minimum wage). Thus, this model is illustrated in more detail than later models, even though the underlying mechanics are much simpler.

Keywords: Minimum Wage; Demand Function; Supply Function; Notional System; Nominal Wage (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_4

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DOI: 10.1057/9780230596276_4

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