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Supporting the Partial Equilibrium Results

In: Minimum Wages and Employment

Author

Listed:
  • Christian Ragacs

    (Vienna University of Economics and Business Administration)

Abstract

As mentioned in the introduction, this chapter presents a simple static general Walrasian model, which has been modified to become a “non-market-clearing” equilibrium model through the introduction of a minimum wage. The analysis is based completely on the considerations of chapter three. However, the analysis is expanded by specific assumptions on the profit and utility maximization behavior of the economic agents. These assumptions will also serve as a foundation for the dynamic enlargement throughout our examination (without, respectively with the minimum wage). Thus, this model is illustrated in more detail than later models, even though the underlying mechanics are much simpler.

Suggested Citation

  • Christian Ragacs, 2004. "Supporting the Partial Equilibrium Results," Palgrave Macmillan Books, in: Minimum Wages and Employment, chapter 4, pages 51-67, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59627-6_4
    DOI: 10.1057/9780230596276_4
    as

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