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Reconciling facts with fiction: Minimum wages in a post-Keynesian perspective

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  • Heise, Arne

Abstract

There has long been a discussion about the employment impact of minimum wages and this discussion has recently been renewed with the introduction of an economy-wide, binding minimum wage in Germany in 2015. In traditional reasoning, based on the allocational approach of modern labour market economics, it has been suggested that the impact is clearly negative on the assumption of a competitive labour market and clearly positive on the assumption of a monopsonistic labour market. Unfortunately, both predictions conflict with the empirical findings, which do not show a clear-cut impact of significant size in any direction.

Suggested Citation

  • Heise, Arne, 2017. "Reconciling facts with fiction: Minimum wages in a post-Keynesian perspective," Discussion Papers 64, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
  • Handle: RePEc:zbw:cessdp:64
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    More about this item

    Keywords

    Post-Keynesianism; minimum wage; aggregate demand; aggregate supply;

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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