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Open Economy Macroeconomics Using Models of Closed Systems

Author

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  • Wynne Godley

    (The Jerome Levy Economics Institute)

Abstract

The concept of the minimum wage has undergone several rhetorical permutations. Originally conceived as a living wage, which would function as a family wage, it ultimately became a matter of macroeconomic policy, the goals of which were to achieve greater efficiency and in some cases economic development. In recent years, the rhetoric has narrowed to a debate that pits a youth disemployment effect against assisting the poor. This paper traces the rhetorical evolution of the minimum wage and shows how the rhetoric employed by various groups has been shaped by the specifics of the political and economic environment.

Suggested Citation

  • Wynne Godley, 2000. "Open Economy Macroeconomics Using Models of Closed Systems," Macroeconomics 0004028, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0004028
    Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 28; figures: included
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0004/0004028.pdf
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    References listed on IDEAS

    as
    1. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521466004.
    2. Branson, William H. & Henderson, Dale W., 1985. "The specification and influence of asset markets," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 15, pages 749-805, Elsevier.
    3. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521460477.
    Full references (including those not matched with items on IDEAS)

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    • E - Macroeconomics and Monetary Economics

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