The Impact Of Minimum Wages On Society - amazonia.fiocruz.br

The Impact Of Minimum Wages On Society - opinion

From Economist Thomas Sowell, March 18, :. It is fascinating to see brilliant people belatedly discover the obvious — and to see an even larger number of brilliant people never discover the obvious. Other small businesses there are not sure they are going to survive, since many depend on a thin profit margin and a high volume of sales. At an angry meeting between local small business owners and city officials, the local organization that had campaigned for the higher minimum wage was absent. The group most affected was also absent — inexperienced and unskilled young people, who need a job to get some experience, even more than they need the money. It is not a breakthrough on the frontiers of knowledge that minimum wage laws reduce employment opportunities for the young and the unskilled of any age. It has been happening around the world, for generation after generation, and in the most diverse countries. It is not just the young who are affected when minimum wage rates are set according to the fashionable notions of third parties, with little or no regard for whether everyone is productive enough to be worth paying the minimum wage they set. You can check this out for yourself. Spain, Greece and South Africa will be easy to locate in the table near the back, which lists data for various countries.

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The Impact Of Minimum Wages On Society

Recent empirical studies have improved methodologies for identifying the causal effects of policies especially on a minimum wage hike. This study identifies causal effects of minimum wage hikes across 47 prefectures in Japan from to on employment, average hourly wage, work hours, full-time equivalent employment FTEtotal wage costs, average tenure, separation and new hiring in establishments using a micro dataset Impadt business establishments in restaurant, accommodation, and food takeout and delivery industry.

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Various regression specifications including controls for time-varying regional heterogeneity are implemented by using the bite of the minimum wage in each establishment. First, this study finds that the effects of a revision of minimum wage on employment and FTE in the establishment are statistically insignificant, but the effects on hourly wages and total wage costs are statistically significant. Subsequently, it considers how the establishments react to the increase in total wage costs caused by the revised minimum wage, and finds that separation from the establishment may decrease, and average tenure of workers may increase.

I would like to thank three anonymous referees and editors of the Research in Labor Economics for many valuable comments. Comments of participants of the workshops, and comments from Jeong Hwan Lee, Yukio Fukumoto, and Hiroyuki Nishiyama are gratefully acknowledged. Yamaguchi, M. Report bugs here.

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