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Reconciling facts with fiction Minimum wages in a Post-Keynesian Perspective
[Arbeitspapier]
Körperschaftlicher Herausgeber
Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
Abstract There has long been a discussion about the employment impact of minimum wages and this discussion has recently been renewed with the introduction of an economy-wide, binding minimum wage in Germany in 2015. In traditional reasoning, based on the allocational approach of modern labour market economic... mehr
There has long been a discussion about the employment impact of minimum wages and this discussion has recently been renewed with the introduction of an economy-wide, binding minimum wage in Germany in 2015. In traditional reasoning, based on the allocational approach of modern labour market economics, it has been suggested that the impact is clearly negative on the assumption of a competitive labour market and clearly positive on the assumption of a monopsonistic labour market. Unfortunately, both predictions conflict with the empirical findings, which do not show a clear-cut impact of significant size in any direction. A post-Keynesian employment market, based on a different pre-analytical vision of the economy than traditional mainstream economics, is presented here. Its most likely prediction of a negligible impact is very much in line with the empirical evidence.... weniger
Thesaurusschlagwörter
Mindestlohn; Keynesianismus; Nachfrage; Angebot; Beschäftigungseffekt; Arbeitsmarktpolitik; Allokation; Theorie; Wohlfahrt
Klassifikation
Arbeitsmarktpolitik
Arbeitsmarktforschung
Volkswirtschaftstheorie
Freie Schlagwörter
Post-Keynesianism; aggregate demand; aggregate supply
Sprache Dokument
Englisch
Publikationsjahr
2017
Erscheinungsort
Hamburg
Seitenangabe
18 S.
Schriftenreihe
ZÖSS Discussion Paper, 64
ISSN
1868-4947
Status
Veröffentlichungsversion; begutachtet
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung