Schooling, Training, Growth and Minimum Wages
We examine how the long-run growth performance of an economy is affected by a labor market distortion. In our model, growth occurs through skill formation, and skills are generated through schooling and training of unskilled workers. We analyze how a minimum wage legislation affects long-run growth. In general, the effects are ambiguous. The reason is that while a minimum wage discourages training, it also encourages schooling. The net effect then depends on whether training or schooling dominates the long-run increases in labor productivity. Copyright 1999 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 101 (1999)
Issue (Month): 3 (September)
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