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Employment and the minimum wage: A pluralist approach

Bernhard Schuetz
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Bernhard Schuetz: Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria

Authors registered in the RePEc Author Service: Bernhard Schütz

No 81, ICAE Working Papers from Johannes Kepler University, Institute for Comprehensive Analysis of the Economy

Abstract: When discussing the employment effects of minimum wages, mainstream economic discussion as well as mainstream economics textbooks mainly center around two variations of the neoclassical model: the model of the competitive and the monopsonistic labor market. The current paper offers a different perspective: it provides an assessment of the broader variety of existing theories and develops a new theoretical account which integrates these different views. For the comparison as well as for the later integration of these theories, it draws on an evolutionary economic concept: a micro-meso-macro framework. Here it shows that due to its simple structure and conceptual flexibility, the micro-meso-macro framework is very well suited to the task of integrating these different theoretical visions as well as assessing their evolutionary features. It follows from the analysis that from a theoretical viewpoint, the effect of the minimum wage on employment is indeed ambiguous, which is perfectly in line with the existing empirical evidence.

Pages: 26 pages
Date: 2019-02
New Economics Papers: this item is included in nep-hme and nep-pke
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https://www.jku.at/fileadmin/gruppen/108/ICAE_Working_Papers/wp81.pdf Second version, 2019 (application/pdf)

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Working Paper: Employment and the minimum wage: A pluralist approach (2018) Downloads
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