Economics, Econometrics and Finance
8 years ago

Minimum wage laws can boost economic efficiency even in competitive markets.

ILR Review
Institutional Economics and the Minimum Wage: Broadening the Theoretical and Policy Debate
Bruce E. Kaufman

Paper Summary

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The article argues that the debate on minimum wage laws should consider more than just competition in labor markets. It suggests that setting a minimum wage can help offset unfair bargaining power, stabilize the economy, boost efficiency, and address social costs. Surprisingly, a minimum wage could improve economic efficiency even in a competitive labor market.