By Christian Ragacs
Christian Ragacs develops new contributions to the speculation of minimal wages, whereas taking rationing and spill-over results on markets except the labour industry under consideration. Following an advent into the speculation of minimal wages and a dialogue of methodological difficulties, 4 new theoretical versions are constructed; of them comparative static in nature and types of endogenous progress. the consequences are contradictory--partly aiding the "textbook" concept and partially yielding unorthodox effects, comparable to no switch within the regular kingdom premiums of development and employment.
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Additional resources for Minimum Wages and Employment: Static and Dynamic Non-Market Cleaning Equilibrium Models
5) max From the FOC for working hours we see that dY dw T1 .... ,_ ^ Thus the value of the marginal product must be identical to the marginal expenditures for additional employment of the factor. As a result, the value of the marginal product must be less than the wage rate. From this decision rule it follows that a unique demand function for the factor no longer exists, as the firm chooses exactly the corresponding optimal number of working hours and wages on the supply function for working hours.
However, newer support for the standard model can also be 38 An Inquiry into the Theory of Minimum Wages found, leading to a broad discussion on empirical methodology that provides an explanation for the varying results and the estimation methods used. However, alternative explanations could also be found. Recent contributions to the theory of minimum wages may reveal that some of these empirical studies do not estimate all effects of minimum wages. First, we have to point out that the underlying estimated models are only partial equilibrium models, ignoring the possible effects of minimum wage on other economic sectors.
Hence, there are five logical positions for an individual (Rothschild 1981, 74): S/he may not take part in the market, be a rationed seller (sales are smaller than the demand), a rationed buyer (purchases are smaller than the demand), and a non-rationed buyer or seller (the purchases, respectively sales correspond to supply, respectively demand). • Third, either the buyers or the sellers in a market may be rationed, but not both. 6) If V * < aah < 0 or vph > bph > 0, then for all / and j it must be valid, that, (uih - aih) < 0 and (vjh - bJh) > 0 (Buyer's market).