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Journal of Economic Perspectives: Vol. 2 No. 3 (Summer 1988)
JEP Volume. 2, Issue 3 | 
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Minimum Wage Laws: Are They Overrated?
Article Citation
Brown, Charles. 1988. "Minimum Wage Laws: Are They Overrated?."
Journal of Economic Perspectives,
2(3): 133-145.
DOI: 10.1257/jep.2.3.133
DOI: 10.1257/jep.2.3.133
Abstract
I think there is a reasonably high degree of agreement in studies of the impact of the minimum wage on employment, unemployment, and the distribution of income -- though I will also point to a few areas where further work could refine our understanding of labor markets, and perhaps even change the prevailing view of the impact of the minimum wage. I consider the textbook minimum wage theory; complications of partial coverage and heterogeneous workers; the estimated impact on employment and unemployment; whether there should be a lower wage for teenagers; and the effect of the minimum wage on the income distribution. In the end, what have we learned? The effects of the minimum wage on employment are smaller than I would have supposed. The minimum wage is overrated: by its critics as well as its supporters.
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Authors
Brown, Charles (Unlisted)
JEL Classifications
822: Wages and Hours
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