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Minimum Wages, Human Capital and Growth

In: Minimum Wages and Employment

Author

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  • Christian Ragacs

    (Vienna University of Economics and Business Administration)

Abstract

This chapter focuses on the effect of a minimum wage on steady state economic growth and steady state employment. As in the model presented in chapter five, we stress the importance of human capital, but we focus on economic dynamics and use the setup of an infinite horizon model based on Lucas (1988). Differences to the static model are that human and “physical capital” can be accumulated over time, and that “infinitely living” households maximize their lifetime (“dynastic”) utility subject to intertemporal budget constraints. In contrast to Lucas’s original model, the households must decide on the optimal use of labor, leisure and educational time.1

Suggested Citation

  • Christian Ragacs, 2004. "Minimum Wages, Human Capital and Growth," Palgrave Macmillan Books, in: Minimum Wages and Employment, chapter 6, pages 87-121, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59627-6_6
    DOI: 10.1057/9780230596276_6
    as

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