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The consequences of minimum wage legislation |
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| Authors: | Walter Y Oi |
| Institution: | Walter Y. Oi is Elmar B. Milliman professor of Economics at the University of Rochester, USA |
| Abstract: | A policy which could raise wages in the low-wage labour market without job losses would be remarkable. Employers will respond to a wage floor not only by changing the employment level but by altering the other components of job packages. The'new economics'of the minimum wage largely ignores such effects. |
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