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Minimum Wages and Employment

Static and Dynamic Non-Market Clearing Equilibrium Models

Christian Ragacs

Palgrave 2004, 208 s. ISBN 1403934983
Bogomtale fra forlaget.

Christian Ragacs develops new contributions to the theory of minimum wages, while taking rationing and spill-over effects on markets other than the labour market into account. Following an introduction into the theory of minimum wages and a discussion of methodological problems, four new theoretical models are developed; two of them comparative static in nature and two models of endogenous growth. The results are contradictory - partly supporting the 'textbook' theory and partly yielding unorthodox results, such as no change in the steady state rates of growth and employment.

Contents Introduction
PART I: ON THEORY AND METHODOLOGY
An Inquiry into the Theory of Minimum Wages
Minimum Wages and "General Equilibrium": Methodological Problems
PART II: MINIMUM WAGES AND COMPARATIVE STATICS
Supporting the Partial Equilibrium Results
Minimum Wages, Unemployment and the Creation of Human Capital
PART III: MINIMUM WAGES AND ECONOMIC GROWTH
Minimum Wages, Human Capital and Growth
Minimum Wages, Unemployment and Growth
Conclusions
Author Biographies

CHRISTIAN RAGACS is Assistant Professor at the Vienna University of Economic and Business Administration. He teaches courses on economic policy, micro- and macroeconomics and economic growth. He received the Theodor-K├Ârner prize for his contribution to growth policy in 1997. His fields of research are economic growth and labour economics.