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Introducing Minimum Wages in Germany: Employment Effects 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 been a long 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 been a long 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. As an alternative, a Post Keynesian two-sector model including an employment market is presented here. Its most likely prediction of a negligible employment effect and a sectoral shift is tested against the German case of an introduction of a statutory minimum wage in 2015. Despite substantial wage increases in the low wage sector, our empirical analysis reveals very low overall employment loss of about 33,000 labourers as a result of a small sectoral shift from low wage industries to higher wage industries.... weniger
Thesaurusschlagwörter
Keynesianismus; Mindestlohn; Angebot; Nachfrage; Beschäftigungseffekt; Allokation; Theorie; Wohlfahrt; Arbeitsmarkt; Niedriglohn; Lohnhöhe; Bundesrepublik Deutschland
Klassifikation
Arbeitsmarktpolitik
Volkswirtschaftstheorie
Industrie- und Betriebssoziologie, Arbeitssoziologie, industrielle Beziehungen
Freie Schlagwörter
Post Keynesianism; aggregate demand; aggregate supply
Sprache Dokument
Englisch
Publikationsjahr
2018
Erscheinungsort
Hamburg
Seitenangabe
19 S.
Schriftenreihe
ZÖSS Discussion Paper, 68
ISSN
1868-4947
Status
Veröffentlichungsversion; begutachtet
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung