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Employment and the minimum wage: A pluralist approach

Bernhard Schütz

No 2018-07, Economics working papers from Department of Economics, Johannes Kepler University Linz, Austria

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.

JEL-codes: B52 E12 J30 J42 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2018-07
Note: English
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Working Paper: Employment and the minimum wage: A pluralist approach (2019) Downloads
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