Optimal Minimum Wage Legislation (original) (raw)

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Optimal Minimum Wage Legislation

The Economic Journal, 1986

Allan DrazenAllan Drazen

Abstract

In this paper we present a model in which minimum wage legislation may be Pareto optimal. This arises because a higher wage would be preferred to the market clearing wage by demanders for and suppliers of labour (even though unemployment is induced), and minimum wage ...

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