Minimum Wage: a Positive Or Negative Factor?

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Minimum Wage: a Positive Or Negative Factor?

Popis výsledku v původním jazyce

The labour market is one of the most regulated markets. Two approaches to labour market regulation are usually described in economic literature. One approach is institutionalist. It sees regulation as a necessity for the social protection of labour and as a tool leading to productivity growth. Institutionalists consider institutional aspects to be essential tools for diminishing the impacts of insufficient aggregate demand. The other approach to labour market regulation is “distortionist”. Distortionists see regulation as an impediment to the adjustment mechanism of the labour market. The goal of this paper is to present different views on the minimum wage institution in economic theories and in the conclusions of some Czech and international empirical research. Its sub-goal is to encourage discussion and further theoretical and empirical research in the field.This paper aims to discuss the positive and negative approaches to the minimum wage institution in economic theory and to present the conclusions of some Czech and international empirical research. This article is not aimed to be a new econometric study. Attention is paid to the history of minimum wage adoption in the Czech Republic and the development of minimum wage rates since 1991, as well as to development in selected EU countries. Both theoretical economists and the authors of empirical studies reach considerably varying conclusions concerning the impacts of the minimum wage on the labour market.

Název v anglickém jazyce

Minimum Wage: a Positive Or Negative Factor?

Popis výsledku anglicky

The labour market is one of the most regulated markets. Two approaches to labour market regulation are usually described in economic literature. One approach is institutionalist. It sees regulation as a necessity for the social protection of labour and as a tool leading to productivity growth. Institutionalists consider institutional aspects to be essential tools for diminishing the impacts of insufficient aggregate demand. The other approach to labour market regulation is “distortionist”. Distortionists see regulation as an impediment to the adjustment mechanism of the labour market. The goal of this paper is to present different views on the minimum wage institution in economic theories and in the conclusions of some Czech and international empirical research. Its sub-goal is to encourage discussion and further theoretical and empirical research in the field.This paper aims to discuss the positive and negative approaches to the minimum wage institution in economic theory and to present the conclusions of some Czech and international empirical research. This article is not aimed to be a new econometric study. Attention is paid to the history of minimum wage adoption in the Czech Republic and the development of minimum wage rates since 1991, as well as to development in selected EU countries. Both theoretical economists and the authors of empirical studies reach considerably varying conclusions concerning the impacts of the minimum wage on the labour market.

Druh

O - Ostatní výsledky

CEP obor

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OECD FORD obor

50201 - Economic Theory

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů