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HandWiki. Minimum Wage. Encyclopedia. Available online: https://encyclopedia.pub/entry/37200 (accessed on 20 September 2026).
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HandWiki. "Minimum Wage." Encyclopedia. Web. 30 November, 2022.
Minimum Wage
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The content is sourced from: https://handwiki.org/wiki/Social:Minimum_wage

A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand and Australia in the 1890s. Although minimum wage laws are now in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Supply and demand models suggest that there may be employment losses from minimum wages. However, minimum wages can increase the efficiency of the labor market in monopsony scenarios, where individual employers have a degree of wage-setting power over the market as a whole. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty, reduces inequality, and boosts morale. In contrast, opponents of the minimum wage say it increases poverty and unemployment because some low-wage workers "will be unable to find work...[and] will be pushed into the ranks of the unemployed".

demand models minimum wage unemployment

References

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  148. Rapaport, Lisa (April 19, 2019). "Higher state minimum wage tied to lower suicide rates". Reuters. https://www.reuters.com/article/us-health-suicide-wages/higher-state-minimum-wage-tied-to-lower-suicide-rates-idUSKCN1RV17R. 
  149. Renkin, Tobias; Montialoux, Claire; Siegenthaler, Michael (2020-10-30). "The Pass-Through of Minimum Wages into US Retail Prices: Evidence from Supermarket Scanner Data". The Review of Economics and Statistics: 1–99. doi:10.1162/rest_a_00981. ISSN 0034-6535. https://doi.org/10.1162/rest_a_00981. "This paper estimates the pass-through of minimum wage increases into the prices of US grocery and drug stores. We use high-frequency scanner data and leverage a large number of state-level increases in minimum wages between 2001 and 2012. We find that a 10% minimum wage hike translates into a 0.36% increase in the prices of grocery products. This magnitude is consistent with a full pass-through of cost increases into consumer prices. We show that price adjustments occur mostly in the three months following the passage of minimum wage legislation rather than after implementation, suggesting that pricing of groceries is forward-looking.". 
  150. Ashenfelter, Orley; Jurajda, Štěpán (2021-01-01). "Wages, Minimum Wages, and Price Pass-Through: The Case of McDonald's Restaurants". https://dataspace.princeton.edu/bitstream/88435/dsp01sb397c318/4/646.pdf. "We use highly consistent national-coverage price and wage data to provide evidence on wage increases, labor-saving technology introduction, and price pass-through by a large low-wage employer facing minimum wage hikes. Based on 2016–2020 hourly wage rates of McDonald's Basic Crew and prices of the Big Mac sandwich collected simultaneously from almost all US McDonald's restaurants, we find that in about 25% of instances of minimum wage increases, restaurants display a tendency to keep constant their wage 'premium' above the increasing minimum wage. Higher minimum wages are not associated with faster adoption of touch-screen ordering, and there is near-full price pass-through of minimum wages, with little heterogeneity related to how binding minimum wage increases are for restaurants. Minimum wage hikes lead to increases in real wages (expressed in Big Macs an hour of Basic Crew work can buy) that are one fifth lower than the corresponding increases in nominal wages." 
  151. Buchwald, Elisabeth (2021-01-30). "What minimum-wage increases did to McDonald's restaurants — and their employees". MarketWatch. https://www.marketwatch.com/story/what-minimum-wage-increases-did-to-mcdonalds-restaurants-and-their-employees-11611862080. "They found that the higher cost of labor that results from increasing minimum wages gets passed on to consumers in the form of more expensive Big Macs. More specifically, they estimated that a 10% minimum-wage increase leads to a 1.4% increase in the price of a Big Mac." 
  152. Rosalsky, Greg (2021-02-16). "What McDonald's Shows About The Minimum Wage". NPR. https://www.npr.org/sections/money/2021/02/16/967333964/what-mcdonalds-shows-about-the-minimum-wage. "Ashenfelter says the evidence from increased food prices suggests that basically all of the "increase of labor costs gets passed right on to the customers." But because low-wage workers are also usually customers at low-wage establishments, this suggests that any pay raise resulting from a minimum wage increase might not be as great in reality as it looks on paper. In econospeak, the increase in their "real wage" — that is, their wage after accounting for the price of the stuff they buy — is not as high, because the cost of some of the stuff they buy, such as fast food, goes up too. ... "They still get a raise. They just don't get as big a raise as it may seem," he says. In effect, a minimum wage increase appears to be a redistribution of wealth from customers to low-wage workers. Ashenfelter says he thinks of it like a kind of sales tax." 
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