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- W2057712211 abstract "Abstract Neoclassical economists, using a competitive demand/supply model of labour markets, typically conclude a legislated minimum wage is harmful to economic efficiency and social welfare. The major theoretical counter‐attack by proponents of a minimum wage is to argue that low‐wage labour markets are better modelled as monopsonistic. This article develops and formalizes a second theoretical defence for a legal minimum wage law. This defence rests on the concept of the social cost of labour , as originally popularized by Sidney and Beatrice Webb and then further developed by American institutional economists. This analysis is unique in that it continues to use the competitive demand/supply model but nonetheless demonstrates that a legislated minimum wage often simultaneously increases both economic efficiency and fairness, unlike the neoclassical prediction." @default.
- W2057712211 created "2016-06-24" @default.
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- W2057712211 date "2009-05-12" @default.
- W2057712211 modified "2023-10-16" @default.
- W2057712211 title "Promoting Labour Market Efficiency and Fairness through a Legal Minimum Wage: The Webbs and the Social Cost of Labour" @default.
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- W2057712211 doi "https://doi.org/10.1111/j.1467-8543.2009.00725.x" @default.
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