Minimum wage

A minimum wage is the lowest daily or monthly

remuneration that employers may legally pay to workers.
Equivalently, it is the price oor below which workers
may not sell their labor. Although minimum wage laws
are in eect in many jurisdictions, dierences of opinion exist about the benets and drawbacks of a minimum
wage. Supporters of the minimum wage say it increases
the standard of living of workers, reduces poverty, reduces inequality, boosts morale and forces businesses to
be more ecient.[1] In contrast, opponents of the minimum wage say it increases poverty, increases unemployment (particularly among unskilled or inexperienced
workers) and is damaging to businesses.[2][3][4]

eectively xed wages to the price of food. As the centuries passed, the Justice of the Peace, who was charged
with setting the maximum wage, also began to set formal minimum wages. The practice was eventually formalized with the passage of the Act Fixing a Minimum
Wage in 1604 by King James I for workers in the textile
industry.[5]

By the early 19th century, the Statutes of Labourers

was repealed as increasingly capitalistic England embraced laissez-faire policies which disfavored regulations
of wages (whether upper or lower limits).[5] The subsequent 19th century saw signicant labor unrest aect
many industrial nations. As trade unions were decriminalized during the century, attempts to control wages
through collective agreement were made. However, this
meant that a uniform minimum wage was not possible. In
1 History
Principles of Political Economy in 1848, John Stuart Mill
argued that because of the collective action problems that
It is a serious national evil that any class of His Majestys workers faced in organisation, it was a justied departure
subjects should receive less than a living wage in return from laissez faire policies (or freedom of contract) to regfor their utmost exertions. It was formerly supposed that ulate peoples wages and hours by law.
the working of the laws of supply and demand would natIt was not until the 1890s that modern legislative attempts
urally regulate or eliminate that evil [...and...] ultimately
to regulate minimum wages were seen in New Zealand
produce a fair price. Where... you have a powerful organand Australia.[8] The movement for a minimum wage was
isation on both sides... there you have a healthy bargaininitially focused on stopping sweatshop labor and coning.... But where you have what we call sweated trades,
trolling the proliferation of sweatshops in manufacturing
you have no organisation, no parity of bargaining, the
industries.[9] The sweatshops employed large numbers of
good employer is undercut by the bad, and the bad emwomen and young workers, paying them what were conployer is undercut by the worst.... where those conditions
sidered to be substandard wages. The sweatshop ownprevail you have not a condition of progress, but a condiers were thought to have unfair bargaining power over
tion of progressive degeneration.
their employees, and a minimum wage was proposed as
Winston Churchill MP, Trade Boards Bill, Hansard a means to make them pay fairly. Over time, the focus
House of Commons (28 April 1909) vol 4, col 388
changed to helping people, especially families, become
more self sucient.[10]
The precursor of modern minimum wage laws can be
found in the Ordinance of Labourers (1349), which was
a decree by King Edward III that set a maximum wage
for laborers in medieval England.[5][6] King Edward III,
a wealthy land owner like his lords, was dependent on
serfs to work his lands. In the autumn of 1348, the Black
Plague reached England and decimated the population.[7]
The severe shortage of labor caused wages to soar and encouraged King Edward III to set a wage ceiling. Subsequent amendments to the ordinance, such as the Statute
of Labourers (1351), increased the penalties for paying a
wage above the set rates.[5]

2 Minimum wage laws

Main articles: Minimum wage law and List of minimum

wages by country
The rst national minimum wage law was enacted by
the government of New Zealand in 1894, followed by
Australia in 1896 and the United Kingdom in 1909.[8]
In the United States, statutory minimum wages were
rst introduced nationally in 1938,[12] and reintroduced
and expanded in the United Kingdom in 1998.[13] There
While the laws governing wages initially set a ceiling on is now legislation or binding collective bargaining recompensation, they were eventually used to set a living garding minimum wage in more than 90 percent of
wage. An amendment to the Statute of Labourers in 1389 all countries.[14][15] In the European Union, 21 member
1

ECONOMICS MODELS

2.1 Informal minimum wages

Customs and extra-legal pressures from governments
or labor unions can produce a de facto minimum
wage. So can international public opinion, by pressuring multinational companies to pay Third World workers
wages usually found in more industrialized countries. The
latter situation in Southeast Asia and Latin America was
publicized in the 2000s, but it existed with companies in
West Africa in the middle of the twentieth century.[23]

2.2 Setting minimum wage

Among the indicators that might be used to establish an initial minimum wage rate are ones that minimize the loss of jobs while preserving international
competitiveness.[24] Among these are general economic
conditions as measured by real and nominal gross domestic product; ination; labor supply and demand; wage
levels, distribution and dierentials; employment terms;
productivity growth; labor costs; business operating costs;
the number and trend of bankruptcies; economic freedom
rankings; standards of living and the prevailing average
wage rate.
In the business sector, concerns include the expected increased cost of doing business, threats to protability,
Hourly minimum wages in select developed economies in 2013. rising levels of unemployment (and subsequent higher
For a complete list of global wages see: List of minimum wages government expenditure on welfare benets raising tax
by country. Wages are given in US$ exchange rates.[11]
rates), and the possible knock-on eects to the wages of
more experienced workers who might already be earning the new statutory minimum wage, or slightly more.[25]
Among workers and their representatives, political consideration weigh in as labor leaders seek to win support
states currently have national minimum wages.[16] In July
by demanding the highest possible rate.[26] Other con2014 Germany began legislating to introduce a federallycerns include purchasing power, ination indexing and
mandated minimum wage which would come into eect
standardized working hours.
on 1 January 2015.[17] Many countries, such as Sweden,
Finland, Denmark, Switzerland, Austria, and Italy have In the United States, the minimum wage promulgated
no minimum wage laws, but rely on employer groups and by the Fair Labor Standards Act of 1938 was intentiontrade unions to set minimum earnings through collective ally set at a high, national level to render low-technology,
low-wage factories in the South obsolete.[27] According
bargaining.[18][19]
to the Economic Policy Institute, the minimum wage in
Minimum wage rates vary greatly across many dierent
the United States would have been $18.28 in 2013 if
jurisdictions, not only in setting a particular amount of
the minimum wage kept pace with labor productivity.[28]
money e.g. US$7.25 per hour under certain states
To adjust for increased rates of worker productivity in
laws (or $2.13 for employees who receive tips, known
the United States, raising the minimum wage to $22 (or
as the tipped minimum wage), $9.47 in the US state of
more) an hour has been presented.[29][30][31][32]
Washington,[20] and 6.50 (for those aged 21+) in the
United Kingdom[21] but also in terms of which pay period (e.g. Russia and China set monthly minimums) or
the scope of coverage. Some jurisdictions allow employers to count tips given to their workers as credit towards 3 Economics models
the minimum wage levels. India was one of the rst developing countries to introduce minimum wage policy. It
also has one of the most complicated systems with more See also: Labour economics
than 1200 minimum wage rates.[22]

3.1

3.1

Supply and demand

Supply and demand

Main article: Supply and demand

An analysis of supply and demand of the type shown in

3
rates, will be unable to nd work. They will
be pushed into the ranks of the unemployed or
out of the labor force. Some argue that by increasing the federal minimum wage, however,
the economy will be adversely aected due to
small businesses not being able to keep up with
the need to subsequently increase all workers
wages.[38][39]

Graph showing the mainstream conception of the labor market

many mainstream economics textbooks implies that by

mandating a price oor above the equilibrium wage, minimum wage laws should cause unemployment.[33][34] This
is because a greater number of people are willing to work
at the higher wage while a smaller number of jobs will
be available at the higher wage. Companies can be more
selective in those whom they employ thus the least skilled
and least experienced will typically be excluded. An imposition or increase of a minimum wage will generally
only aect employment in the low-skill labor market, as
the equilibrium wage is already at or below the minimum
wage, whereas in higher skill labor markets the equilibrium wage is too high for a change in minimum wage to
aect employment.[35]

Modern economic theory suggests an excessive minimum wage

may raise unemployment as it xes a price above demand for labor, but a reasonable minimum wage enhances growth because
workers lack bargaining power and labor markets are persistently
monopsonistic. When poorer workers have more to spend it stimulates eective aggregate demand for goods and services.[40][41]

The textbook illustrates the point with a supply and demand diagram similar to the one above. In the diagram
it is assumed that workers are willing to labor for more
hours if paid a higher wage. Economists graph this relationship with the wage on the vertical axis and the quantity (hours) of labor supplied on the horizontal axis. Since
According to the supply and demand model shown in higher wages increase the quantity supplied, the supply of
and is shown as a line movmany textbooks on economics, increasing the mini- labor curve is upward sloping,
[42]
ing
up
and
to
the
right.
mum wage decreases the employment of minimum-wage
workers.[36] One such textbook says:
A rms cost is a function of the wage rate. It is assumed
that the higher the wage, the fewer hours an employer will
demand of an employee. This is because, as the wage rate
If a higher minimum wage increases the
rises, it becomes more expensive for rms to hire workers
wage rates of unskilled workers above the level
and so rms hire fewer workers (or hire them for fewer
that would be established by market forces, the
hours). The demand of labor curve is therefore shown as
quantity of unskilled workers employed will
a line moving down and to the right.[42]
fall. The minimum wage will price the services
of the least productive (and therefore lowestwage) workers out of the market. The direct results of minimum wage legislation are
clearly mixed. Some workers, most likely those
whose previous wages were closest to the minimum, will enjoy higher wages. This is known
as the ripple eect. The ripple eect shows
that when you increase the minimum wage the
wages of all others will consequently increase
due the need for relativity.[37] Others, particularly those with the lowest prelegislation wage

Combining the demand and supply curves for labor allows us to examine the eect of the minimum wage. We
will start by assuming that the supply and demand curves
for labor will not change as a result of raising the minimum wage. This assumption has been questioned.[43] If
no minimum wage is in place, workers and employers will
continue to adjust the quantity of labor supplied according to price until the quantity of labor demanded is equal
to the quantity of labor supplied, reaching equilibrium
price, where the supply and demand curves intersect.
Minimum wage behaves as a classical price oor on la-

ECONOMICS MODELS

bor. Standard theory says that, if set above the equilibrium price, more labor will be willing to be provided by
workers than will be demanded by employers, creating a
surplus of labor, i.e. unemployment.[42]
In other words, the simplest and most basic economics
says this about commodities like labor (and wheat, for
example): Articially raising the price of the commodity tends to cause the supply of it to increase and the demand for it to lessen. The result is a surplus of the commodity. When there is a wheat surplus, the government
buys it. Since the government does not hire surplus labor,
the labor surplus takes the form of unemployment, which
tends to be higher with minimum wage laws than without
them.[23]
So the basic theory says that raising the minimum wage
helps workers whose wages are raised, and hurts people
who are not hired (or lose their jobs) because companies
cut back on employment. But proponents of the minimum wage hold that the situation is much more complicated than the basic theory can account for. One complicating factor is possible monopsony in the labor market,
whereby the individual employer has some market power
in determining wages paid. Thus it is at least theoretically
possible that the minimum wage may boost employment.
Though single employer market power is unlikely to exist in most labor markets in the sense of the traditional
'company town,' asymmetric information, imperfect mobility, and the personal element of the labor transaction
give some degree of wage-setting power to most rms.[44]

3.2

Criticism of the neoclassical model

The argument that a minimum wage decreases employment is based on a simple supply and demand model
of the labor market. A number of economists (for example Pierangelo Garegnani,[46] Robert L. Vienneau,[47]
and Arrigo Opocher & Ian Steedman[48] ), building on
the work of Piero Sraa, argue that that model, even
given all its assumptions, is logically incoherent. Michael
Anyadike-Danes and Wynne Godley[49] argue, based
on simulation results, that little of the empirical work
done with the textbook model constitutes a potentially
falsiable theory, and consequently empirical evidence
hardly exists for that model. Graham White[50] argues,
partially on the basis of Sraanism, that the policy of increased labor market exibility, including the reduction
of minimum wages, does not have an intellectually coherent argument in economic theory.
Gary Fields, Professor of Labor Economics and Economics at Cornell University, argues that the standard
textbook model for the minimum wage is ambiguous, and
that the standard theoretical arguments incorrectly measure only a one-sector market. Fields says a two-sector
market, where the self-employed, service workers, and
farm workers are typically excluded from minimum-wage
coverage... [and with] one sector with minimum-wage

Minimum wage levels in OECD countries as a share of average

full-time wage, 2013.[45]

coverage and the other without it [and possible mobility between the two], is the basis for better analysis.
Through this model, Fields shows the typical theoretical argument to be ambiguous and says the predictions
derived from the textbook model denitely do not carry
over to the two-sector case. Therefore, since a noncovered sector exists nearly everywhere, the predictions
of the textbook model simply cannot be relied on.[51]
An alternate view of the labor market has low-wage
labor markets characterized as monopsonistic competition wherein buyers (employers) have signicantly more
market power than do sellers (workers). This monopsony could be a result of intentional collusion between
employers, or naturalistic factors such as segmented markets, search costs, information costs, imperfect mobility
and the personal element of labor markets.[1] In such a
case a simple supply and demand graph would not yield
the quantity of labor clearing and the wage rate. This
is because while the upward sloping aggregate labor supply would remain unchanged, instead of using the upward

5
labor supply curve shown in a supply and demand diagram, monopsonistic employers would use a steeper upward sloping curve corresponding to marginal expenditures to yield the intersection with the supply curve resulting in a wage rate lower than would be the case under
competition. Also, the amount of labor sold would also
be lower than the competitive optimal allocation.
Such a case is a type of market failure and results in
workers being paid less than their marginal value. Under
the monopsonistic assumption, an appropriately set minimum wage could increase both wages and employment,
with the optimal level being equal to the marginal product
of labor.[52] This view emphasizes the role of minimum
wages as a market regulation policy akin to antitrust poliEstimated minimum wage eects on employment from a metacies, as opposed to an illusory "free lunch" for low-wage study of 64 other studies showed insignicant employment eect
workers.
(both practically and statistically) from minimum-wage raises.
clustered at or near zero
Another reason minimum wage may not aect employ- The most precise estimates were heavily
[56]
ment in certain industries is that the demand for the prod- employment eects (elasticity = 0).
uct the employees produce is highly inelastic.[53] For example, if management is forced to increase wages, man Eects on the distribution of incomes among lowagement can pass on the increase in wage to consumers in
income and higher-income families
the form of higher prices. Since demand for the product
Eects on the skills of workers through job training
is highly inelastic, consumers continue to buy the product
and the deferring of work to acquire education
at the higher price and so the manager is not forced to lay
o workers. Economist Paul Krugman argues this expla Eects on prices and prots
nation neglects to explain why the rm was not charging
[54]
this higher price absent the minimum wage.
Eects on on-the-job training
Three other possible reasons minimum wages do not affect employment were suggested by Alan Blinder: higher
wages may reduce turnover, and hence training costs;
raising the minimum wage may render moot the potential problem of recruiting workers at a higher wage than
current workers; and minimum wage workers might represent such a small proportion of a businesss cost that the
increase is too small to matter. He admits that he does not
know if these are correct, but argues that the list demonstrates that one can accept the new empirical ndings and
still be a card-carrying economist.[55]

Empirical studies

Economists disagree as to the measurable impact of minimum wages in the 'real world'. This disagreement usually takes the form of competing empirical tests of the
elasticities of supply and demand in labor markets and
the degree to which markets dier from the eciency
that models of perfect competition predict.
Economists have done empirical studies on dierent aspects of the minimum wage, including:[10]
Employment eects, the most frequently studied aspect
Eects on the distribution of wages and earnings
among low-paid and higher-paid workers

Until the mid-1990s, a general consensus existed among

economists, both conservative and liberal, that the minimum wage reduced employment, especially among
younger and low-skill workers.[36] In addition to the basic supply-demand intuition, there were a number of empirical studies that supported this view. For example,
Gramlich (1976) found that many of the benets went to
higher income families, and in particular that teenagers
were made worse o by the unemployment associated
with the minimum wage.[57]
Brown et al. (1983) noted that time series studies to that
point had found that for a 10 percent increase in the minimum wage, there was a decrease in teenage employment
of 13 percent. However, the studies found wider variation, from 0 to over 3 percent, in their estimates for
the eect on teenage unemployment (teenagers without
a job and looking for one). In contrast to the simple supply and demand diagram, it was commonly found that
teenagers withdrew from the labor force in response to
the minimum wage, which produced the possibility of
equal reductions in the supply as well as the demand for
labor at a higher minimum wage and hence no impact
on the unemployment rate. Using a variety of specications of the employment and unemployment equations
(using ordinary least squares vs. generalized least squares
regression procedures, and linear vs. logarithmic specications), they found that a 10 percent increase in the minimum wage caused a 1 percent decrease in teenage employment, and no change in the teenage unemployment

4 EMPIRICAL STUDIES

rate. The study also found a small, but statistically sig- federal or state minimum wages, others see a small one,
nicant, increase in unemployment for adults aged 20 but none nds any serious damage. ... High minimum
24.[58]
wages, however, particularly in rigid labour markets, do
appear to hit employment. France has the rich worlds
highest wage oor, at more than 60% of the median for
adults and a far bigger fraction of the typical wage for the
young. This helps explain why France also has shockingly
high rates of youth unemployment: 26% for 15- to 24year-olds.[65]

4.1 Card and Krueger

CBO table illustrating projections of the eects of minimum wage

increases on employment and income, under two scenarios

Wellington (1991) updated Brown et al.'s research with

data through 1986 to provide new estimates encompassing a period when the real (i.e., ination-adjusted) value
of the minimum wage was declining, because it had not
increased since 1981. She found that a 10% increase in
the minimum wage decreased the absolute teenage employment by 0.6%, with no eect on the teen or young
adult unemployment rates.[59]
Some research suggests that the unemployment eects of
small minimum wage increases are dominated by other
factors.[60] In Florida, where voters approved an increase
in 2004, a follow-up comprehensive study after the increase conrmed a strong economy with increased employment above previous years in Florida and better than
in the U.S. as a whole.[61] When it comes to on-thejob training, some believe the increase in wages is taken
out of training expenses. A 2001 empirical study found
that there is no evidence that minimum wages reduce
training, and little evidence that they tend to increase
training.[62]

In 1992, the minimum wage in New Jersey increased

from $4.25 to $5.05 per hour (an 18.8% increase) while
the adjacent state of Pennsylvania remained at $4.25.
David Card and Alan Krueger gathered information on
fast food restaurants in New Jersey and eastern Pennsylvania in an attempt to see what eect this increase had
on employment within New Jersey. Basic economic theory would have implied that relative employment should
have decreased in New Jersey. Card and Krueger surveyed employers before the April 1992 New Jersey increase, and again in NovemberDecember 1992, asking
managers for data on the full-time equivalent sta level
of their restaurants both times.[66] Based on data from
the employers responses, the authors concluded that the
increase in the minimum wage slightly increased employment in the New Jersey restaurants.[66]
One possible explanation for why the current minimum
wage laws may not aect unemployment in the United
States is that the minimum wage is set close to the equilibrium point for low and unskilled workers. Thus, according to this explanation, in the absence of the minimum
wage law unskilled workers would be paid approximately
the same amount and an increase above this equilibrium
point could likely bring about increased unemployment
for the low and unskilled workers.[42]
Card and Krueger expanded on this initial article in their
1995 book Myth and Measurement: The New Economics
of the Minimum Wage.[67] They argued that the negative
employment eects of minimum wage laws are minimal if not non-existent. For example, they look at the
1992 increase in New Jerseys minimum wage, the 1988
rise in Californias minimum wage, and the 199091 increases in the federal minimum wage. In addition to
their own ndings, they reanalyzed earlier studies with
updated data, generally nding that the older results of a
negative employment eect did not hold up in the larger
datasets.[68]

Some empirical studies have tried to ascertain the benets of a minimum wage beyond employment eects.
In an analysis of Census data, Joseph Sabia and Robert
Nielson found no statistically signicant evidence that
minimum wage increases helped reduce nancial, housing, health, or food insecurity.[63] This study was undertaken by the Employment Policies Institute, a think tank
funded by the food, beverage and hospitality industries.
In 2012, Michael Reich published an economic analysis
that suggested that a proposed minimum wage hike in San
Diego might stimulate the citys economy by about $190
million.[64]
4.2 Research subsequent to Card and
The Economist wrote in December 2013: A minimum
Kruegers work
wage, providing it is not set too high, could thus boost pay
with no ill eects on jobs....Americas federal minimum In subsequent research, David Neumark and William
wage, at 38% of median income, is one of the rich worlds Wascher attempted to verify Card and Kruegers results
lowest. Some studies nd no harm to employment from by using administrative payroll records from a sample of

4.3

Statistical meta-analyses

7
of the states. They analyzed employment trends for several categories of low-wage workers from 1990 to 2006
and found that increases in minimum wages had no negative eects on low-wage employment and successfully increased the income of workers in food services and retail
employment, as well as the narrower category of workers
in restaurants.[76][77]

A 2010 study published in the Review of Economics and Statistics

compared 288 pairs of contiguous U.S. counties with minimum
wage dierentials from 1990 to 2006 and found no adverse employment eects from a minimum wage increase. Contiguous
counties with dierent minimum wages are in purple. All other
counties are in white.[69]

However, a 2011 study by Baskaya and Rubinstein of

Brown University found that at the federal level, a rise
in minimum wage have [sic] an instantaneous impact
on wage rates and a corresponding negative impact on
employment, stating, Minimum wage increases boost
teenage wage rates and reduce teenage employment.[78]
Another 2011 study by Sen, Rybczynski, and Van De
Waal found that a 10% increase in the minimum wage
is signicantly correlated with a 35% drop in teen
employment.[79] A 2012 study by Sabia, Hansen, and
Burkhauser found that minimum wage increases can
have substantial adverse labor demand eects for lowskilled individuals, with the largest eects on those aged
16 to 24.[80]

large fast food restaurant chains in order to verify employment. They found that the minimum wage increases
were followed by decreases in employment. On the other
hand, an assessment of data collected and analyzed by
Neumark and Wascher did not initially contradict the
Card and Krueger results,[70] but in a later edited version they found a four percent decrease in employment,
and reported that the estimated disemployment eects
in the payroll data are often statistically signicant at the
5- or 10- percent level although there are some estimators and subsamples that yield insignicantalthough almost always negative employment eects.[71][72] However, this papers conclusions were rebutted in a 2000 paper by Card and Krueger.[73] A 2011 paper has reconciled the dierence between Card and Kruegers survey
data and Neumark and Waschers payroll-based data. The
paper shows that both datasets evidence conditional employment eects that are positive for small restaurants,
but are negative for large fast-food restaurants.[74]

A 2013 study by Meer and West concluded that the minimum wage reduces net job growth, primarily through
its eect on job creation by expanding establishments
... most pronounced for younger workers and in industries with a higher proportion of low-wage workers.[81]
This study by Meer and West was later critiqued for its
trends of assumption in the context of narrowly dened
low-wage groups.[82] The authors replied to the critiques
and released additional data which addressed the criticism of their methodology, but did not resolve the issue
of whether their data showed a causal relationship.[83][84]
Another 2013 study by Suzana Laporek of the University of Primorska, on youth unemployment in Europe claimed there was a negative, statistically signicant impact of minimum wage on youth employment.[85]
A 2013 study by labor economists Tony Fang and Carl
Lin which studied minimum wages and employment in
China, found that minimum wage changes have significant adverse eects on employment in the Eastern and
for
In 1996 and 1997, the federal minimum wage was in- Central regions of China, and result in disemployment
[86]
females,
young
adults,
and
low-skilled
workers.
creased from $4.25 to $5.15, thereby increasing the minimum wage by $0.90 in Pennsylvania but by just $0.10 in
New Jersey; this allowed for an examination of the eects
4.3 Statistical meta-analyses
of minimum wage increases in the same area, subsequent
to the 1992 change studied by Card and Krueger. A study Several researchers have conducted statistical metaby Homan and Trace found the result anticipated by tra- analyses of the employment eects of the minimum
ditional theory: a detrimental eect on employment.[75]
wage. In 1995, Card and Krueger analyzed 14 earlier
Further application of the methodology used by Card
and Krueger by other researchers yielded results similar
to their original ndings, across additional data sets.[76]
A 2010 study by three economists (Arindrajit Dube of
the University of Massachusetts Amherst, T. William
Lester of the University of North Carolina at Chapel
Hill, and Michael Reich of the University of California, Berkeley), compared adjacent counties in dierent
states where the minimum wage had been raised in one

time-series studies on minimum wages and concluded

that there was clear evidence of publication bias (in favor of studies that found a statistically signicant negative employment eect). They point out that later studies, which had more data and lower standard errors, did
not show the expected increase in t-statistic (almost all
the studies had a t-statistic of about two, just above the
level of statistical signicance at the .05 level).[87] Though
a serious methodological indictment, opponents of the

5 DEBATE OVER CONSEQUENCES

minimum wage largely ignored this issue; as Thomas C.

Leonard noted, The silence is fairly deafening.[88]

Employment may fall more than in proportion to the

wage increase, thereby reducing overall earnings;

In 2005, T.D. Stanley showed that Card and Kruegers

results could signify either publication bias or the absence of a minimum wage eect. However, using a different methodology, Stanley concludes that there is evidence of publication bias, and that correction of this
bias shows no relationship between the minimum wage
and unemployment.[89] In 2008, Hristos Doucouliagos
and T.D. Stanley conducted a similar meta-analysis of
64 U.S. studies on dis-employment eects and concluded
that Card and Kruegers initial claim of publication bias is
still correct. Moreover, they concluded, Once this publication selection is corrected, little or no evidence of a
negative association between minimum wages and employment remains.[90]

As uncovered sectors of the economy absorb workers released from the covered sectors, the decrease
in wages in the uncovered sectors may exceed the
increase in wages in the covered ones;
The impact of the minimum wage on family income
distribution may be negative unless the fewer but
better jobs are allocated to members of needy families rather than to, for example, teenagers from families not in poverty;
Forbidding employers to pay less than a legal minimum is equivalent to forbidding workers to sell their
labor for less than the minimum wage. The legal restriction that employers cannot pay less than a legislated wage is equivalent to the legal restriction that
workers cannot work at all in the protected sector
unless they can nd employers willing to hire them
at that wage.[91]

Consistent with the results from Doucouliagos and Stanley, and Card and Krueger, Baskaya and Rubinsteins
2011 study, which analyzed 24 papers on the minimum
wage, found mild positive, yet statistically insignicant
association between the change in the employment of
teenagers at state minimum wage levels. However, when
minimum wage is set at the federal level, they found no- In 2006, the International Labour Organization (ILO)
table wage impacts and large corresponding disemploy- argued that the minimum wage could not be directly
linked to unemployment in countries that have suered
ment eects.[78]
job losses.[15] In April 2010, the Organisation for Economic Co-operation and Development (OECD) released
a report arguing that countries could alleviate teen un5 Debate over consequences
employment by lowering the cost of employing lowskilled youth through a sub-minimum training wage.[119]
Minimum wage laws aect workers in most low-paid A study of U.S. states showed that businesses annual and
elds of employment[10] and have usually been judged average payrolls grow faster and employment grew at a
against the criterion of reducing poverty.[91] Minimum faster rate in states with a minimum wage.[120] The study
wage laws receive less support from economists than from showed a correlation, but did not claim to prove causathe general public. Despite decades of experience and tion.
economic research, debates about the costs and benets
Although strongly opposed by both the business commuof minimum wages continue today.[10]
nity and the Conservative Party when introduced in 1999,
Various groups have great ideological, political, nancial, the Conservatives reversed their opposition in 2000.[121]
and emotional investments in issues surrounding miniAccounts dier as to the eects of the minimum wage.
mum wage laws. For example, agencies that administer The Centre for Economic Performance found no disthe laws have a vested interest in showing that their laws
cernible impact on employment levels from the wage
do not create unemployment, as do labor unions whose increases,[122] while the Low Pay Commission found that
members nances are protected by minimum wage laws.
employers had reduced their rate of hiring and employee
On the other side of the issue, low-wage employers such hours employed, and found ways to cause current workers
as restaurants nance the Employment Policies Institute, to be more productive (especially service companies).[123]
which has released numerous studies opposing the mini- The Institute for the Study of Labor found prices in the
mum wage.[92][93] The presence of these powerful groups minimum wage sector rose signicantly faster than prices
and factors means that the debate on the issue is not in non-minimum wage sectors, in the four years followalways based on dispassionate analysis. Additionally, ing the implementation of the minimum wage.[124] Neiit is extraordinarily dicult to separate the eects of ther trade unions nor employer organizations contest the
minimum wage from all the other variables that aect minimum wage, although the latter had especially done
employment.[23]
so heavily until 1999.
The following table summarizes the arguments made by In 2014, supporters of minimum wage cited a study that
those for and against minimum wage laws:
found that job creation within the United States is faster
A widely circulated argument that the minimum wage was in states that raised their minimum wages.[95][125][126] In
ineective at reducing poverty was provided by George 2014, supporters of minimum wage cited news organizaStigler in 1949:
tions who reported the state with the highest minimum-

9
wage garnered more job creation than the rest of the lished by the Economic Policy Institute. 95 of the 605
United States.[95][96][127][128][129][130][131]
signatories responded. They found that a majority signed
In 2014, in Seattle, Washington, liberal and progressive on the grounds that it transferred income from employers
business owners who had supported the citys new $15 to workers, or equalized bargaining power between them
minimum wage held o on expanding their businesses in the labor market. In addition, a majority considered
potential drawback to
and thus creating new jobs, due to the uncertain timescale disemployment to be a moderate
[141]
the
increase
they
supported.
[132]
of the wage increase implementation.

Surveys of economists

In 2013, a diverse group of economics experts was surveyed on their view of the minimum wages impact on
employment. 34% of respondents agreed with the statement, Raising the federal minimum wage to $9 per hour
would make it noticeably harder for low-skilled workers to nd employment. 32% disagreed and the remaining respondents were uncertain or had no opinion on the
question. 49% agreed with the statement, The distortionary costs of raising the federal minimum wage to $9
per hour and indexing it to ination are suciently small
compared with the benets to low-skilled workers who
can nd employment that this would be a desirable policy, while 11% disagree.[142]

According to a 1978 article in the American Economic

Review, 90% of the economists surveyed agreed that
the minimum wage increases unemployment among lowskilled workers.[133] By 1992 the survey found 79% of
economists in agreement with that statement,[134] and by
2000, 45.6% were in full agreement with the statement
and 27.9% agreed with provisos (73.5% total).[135][136]
The authors of the 2000 study also reweighted data from
a 1990 sample to show that at that time 62.4% of academic economists agreed with the statement above, while
19.5% agreed with provisos and 17.5% disagreed. They 7 Alternatives
state that the reduction on consensus on this question is
likely due to the Card and Krueger research and subseEconomists and other political commentators have proquent debate.[137]
posed alternatives to the minimum wage. They argue that
A similar survey in 2006 by Robert Whaples polled PhD these alternatives may address the issue of poverty better
members of the American Economic Association (AEA). than a minimum wage, as it would benet a broader popuWhaples found that 46.8% respondents wanted the min- lation of low wage earners, not cause any unemployment,
imum wage eliminated, 37.7% supported an increase, and distribute the costs widely rather than concentrating
14.3% wanted it kept at the current level, and 1.3% it on employers of low wage workers.
wanted it decreased.[138] Another survey in 2007 conducted by the University of New Hampshire Survey Center found that 73% of labor economists surveyed in the 7.1 Basic income
United States believed 150% of the then-current minimum wage would result in employment losses and 68% Main article: Basic Income
believed a mandated minimum wage would cause an increase in hiring of workers with greater skills. 31% felt A basic income (or negative income tax) is a system of
that no hiring changes would result.[139]
social security that periodically provides each citizen with
Surveys of labor economists have found a sharp split a sum of money that is sucient to live on frugally. It
on the minimum wage. Fuchs et al. (1998) polled la- is argued that recipients of the basic income would have
bor economists at the top 40 research universities in the considerably more bargaining power when negotiating a
United States on a variety of questions in the summer of wage with an employer as there would be no risk of desti1996. Their 65 respondents were nearly evenly divided tution for not taking the employment. As a result, the jobwhen asked if the minimum wage should be increased. seeker could spend more time looking for a more approThey argued that the dierent policy views were not re- priate or satisfying job, or they could wait until a higherlated to views on whether raising the minimum wage paying job appeared. Alternately, they could spend more
would reduce teen employment (the median economist time increasing their skills in university, which would
said there would be a reduction of 1%), but on value make them more suitable for higher-paying jobs, as well
dierences such as income redistribution.[140] Daniel B. as provide numerous other benets. Experiments on BaKlein and Stewart Dompe conclude, on the basis of pre- sic Income and NIT in Canada and the USA show that
vious surveys, the average level of support for the min- people spent more time studying while the program was
imum wage is somewhat higher among labor economists running.[143]
than among AEA members.[141]
Proponents argue that a basic income that is based on a
In 2007, Klein and Dompe conducted a non-anonymous broad tax base would be more economically ecient, as
survey of supporters of the minimum wage who had the minimum wage eectively imposes a high marginal
signed the Raise the Minimum Wage statement pub- tax on employers, causing losses in eciency.

10

7.2

10 NOTES

Guaranteed minimum income

A guaranteed minimum income is another proposed system of social welfare provision. It is similar to a basic
income or negative income tax system, except that it is
normally conditional and subject to a means test. Some
proposals also stipulate a willingness to participate in the
labor market, or a willingness to perform community services.[144]

8 US movement
In January 2014, Joseph Stiglitz, Peter Diamond, Robert
Solow, Eric Maskin and 75 American economists wrote
a letter to the US Congress and the US President to demand that, by 2016, the US government should raise the
minimum wage to $10.10. They endorsed the Minimum
Wage Fairness Act which was introduced by US Senator
Tom Harkin in 2013.[153][154]

9 See also
7.3

Refundable tax credit

A refundable tax credit is a mechanism whereby the tax

system can reduce the tax owed by a household to below zero, and result in a net payment to the taxpayer beyond their own payments into the tax system. Examples
of refundable tax credits include the earned income tax
credit and the additional child tax credit in the U.S., and
working tax credits and child tax credits in the UK. Such
a system is slightly dierent from a negative income tax,
in that the refundable tax credit is usually only paid to
households that have earned at least some income. This
policy is more targeted against poverty than the minimum
wage, because it avoids subsidizing low-income workers
who are supported by high-income households (for example, teenagers still living with their parents).[145]
In the United States, earned income tax credit rates,
also known as EITC or EIC, vary by state some are
refundable while other states do not allow a refundable tax credit.[146] The federal EITC program has been
expanded by a number of presidents including Jimmy
Carter, Ronald Reagan, George H.W. Bush, and Bill
Clinton.[147] In 1986, President Reagan described the
EITC as the best anti poverty, the best pro-family, the
best job creation measure to come out of Congress.[148]
The ability of the earned income tax credit to deliver
larger monetary benets to the poor workers than an increase in the minimum wage and at a lower cost to society
was documented in a 2007 report by the Congressional
Budget Oce.[149]
The Adam Smith Institute prefers cutting taxes on the
poor and middle class instead of raising wages as an alternative to the minimum wage.[150]

7.4

Collective bargaining

10 Notes
[1] The Advantage Of The Minimum Wage | Robert
Nielsen. Robertnielsen21.wordpress.com. Retrieved
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[2] Minimum Wages. by David Neumark and William L.
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[3] The Young and the Jobless. The Wall Street Journal.
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[4] Black, John (September 18, 2003). Oxford Dictionary of
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[5] Mihm, Stephen (5 September 2013). How the Black
Death Spawned the Minimum Wage. Bloomberg View.
Retrieved 17 April 2014.
[6] https://openknowledge.worldbank.
org/bitstream/handle/10986/6760/
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pdf?sequence=1
[7] Thorpe, Vanessa (29 March 2014). Black death was not
spread by rat eas, say researchers. theguardian.com.
Retrieved 29 March 2014.
[8] Starr, Gerald (1993). Minimum wage xing : an international review of practices and problems (2nd impression
(with corrections) ed.). Geneva: International Labour Ofce. p. 1. ISBN 9789221025115.
[9] Nordlund, Willis J. (1997). The quest for a living wage
: the history of the federal minimum wage program.
Westport, Conn.: Greenwood Press. p. xv. ISBN
9780313264122.
[10] Neumark, David; William L. Wascher (2008). Minimum
Wages. Cambridge, Massachusetts: The MIT Press.
ISBN 978-0-262-14102-4.

Italy, Sweden, Norway, Finland, and Denmark are ex- [11] OECD Statistics (GDP, unemployment, income, population, labour, education, trade, nance, prices...)".
amples of developed nations where there is no minimum
Stats.oecd.org. Retrieved 2013-03-29.
[19][151]
Such nations,
wage that is required by legislation.
particularly the Nordics, have very high union participa- [12] Grossman, Jonathan. Fair Labor Standards Act of 1938:
tion rates.[151] Instead, minimum wage standards in difMaximum Struggle for a Minimum Wage. Department
ferent sectors are set by collective bargaining.[152]
of Labor. Retrieved 17 April 2014.

11

[13] Stone, Jon (1 October 2010). History of the UKs minimum wage. Total Politics. Retrieved 17 April 2014.
[14] Williams, Walter E. (June 2009). The Best Anti-Poverty
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[31] Hart-Landsberg, Ph.D., Martin (December 19, 2013).

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[32] Rmusemore (December 3, 2013). Stop Complaining

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[34] Gwartney, J. D.; Stroup, R. L.; Sobel, R. S.; Macpherson,

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[18] Ehrenberg, Ronald G. Labor Markets and Integrating National Economies, Brookings Institution Press (1994), p.
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[21] British Government website. Retrieved 2013-09-05.

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[26] Li, Joseph, Minimum wage legislation for all sectors,
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enced, least productive, and poorest workers. (Cato)

14

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[113] Williams, Walter (1989). South Africas War Against Cap- [132] Minimum Wage Limbo Keeps Small Business Owners Up
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[134] Alston, Richard M.; Kearl, J. R.; Vaughan, Michael B.
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[135] survey by Dan Fuller and Doris Geide-Stevenson using a

sample of 308 economists surveyed by the American Economic Association

[118] http://www.fool.com/investing/general/2014/06/08/
[136]
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15

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[152] Labor Criticizes. Lewiston Morning Tribune. Associated Press. March 2, 1933. pp. 1, 6.

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[153] 75 economists back minimum wage hike CNN Money,

January 14, 2014
[154] Over 600 Economists Sign Letter In Support of $10.10
Minimum Wage Economist Statement on the Federal
Minimum Wage, Economic Policy Institute

11

Further reading

Burkhauser, R. V. (2014). Why minimum wage increases are a poor way to help the working poor (No.
86). IZA Policy Paper, Institute for the Study of Labor (IZA).

12

External links

Minimum wage at DMOZ

Resource Guide on Minimum Wages from the
International Labour Organization (a UN agency)
Minimum Wage Rates in All States of India from
Paycheck India
The National Minimum Wage (U.K.) from ocial
UK government website
Find It! By Topic: Wages: Minimum Wage U.S.
Department of Labor
Characteristics of Minimum Wage Workers: 2009
U.S. Department of Labor, Bureau of Labor Statistics
History of Changes to the Minimum Wage Law U.S.
Department of Labor, Wage and Hour Division
The Eects of a Minimum-wage Increase on Employment and Family Income Congressional Budget
Oce
Ination and the Real Minimum Wage: A Fact Sheet
Congressional Research Service
Minimum Wages in Central and Eastern Europe
Database Central Europe

Opposed
Reporting the Minimum Wage from The Cato Institute (U.S. libertarian organization opposed to the
minimum wage)
The Economic Eects of Minimum Wages from
Show-Me Institute (U.S. libertarian organization
opposed to the minimum wage)
Economics in One Lesson: The Lesson Applied,
Chapter 19: Minimum Wage Laws by Henry Hazlitt

16

13

13
13.1

TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

Text and image sources, contributors, and licenses

Text

Minimum wage Source: https://en.wikipedia.org/wiki/Minimum_wage?oldid=675568965 Contributors: Tobias Hoevekamp, WojPob, Ed

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13.2

Images

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Jusinlloyd101, Thetrollface4, Thetrollface5, Thetrollface1, Resck6, Greennbooks, Etherington1993, Benwoar, Zugly19, FourViolas, Callum0790, Suene34, Jamieandersen106, Dfqw3287, Kiemar013, KasparBot, Beaugrand RTMC, Dallasm15 and Anonymous: 1035

13.2

Images

File:CBO_Projected_Effects_of_Minimum_Wage_Increases_v1.png Source:
https://upload.wikimedia.org/wikipedia/en/2/2f/
CBO_Projected_Effects_of_Minimum_Wage_Increases_v1.png License: PD Contributors:
https://www.cbo.gov/publication/44995 Original artist:
Congressional Budget Oce
File:Commons-logo.svg Source: https://upload.wikimedia.org/wikipedia/en/4/4a/Commons-logo.svg License: ? Contributors: ? Original
artist: ?
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File:Funnel_Graph_of_Estimated_Minimum_Wage_Effects.jpg Source: https://upload.wikimedia.org/wikipedia/commons/8/82/
Funnel_Graph_of_Estimated_Minimum_Wage_Effects.jpg License: Public domain Contributors: http://www.cepr.net/documents/
publications/min-wage-2013-02.pdf Original artist: Hristos Doucouliagos and T.D. Stanley
File:Hourly_Minimum_Wages_in_Developed_Economies,_2013.png Source: https://upload.wikimedia.org/wikipedia/commons/2/
21/Hourly_Minimum_Wages_in_Developed_Economies%2C_2013.png License: CC BY-SA 4.0 Contributors: Own work Original artist:
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