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How do you know that real wages are too high?

By Alan Manning


It is a common belief that the existence of involuntary unemployment implies that wages are too high and that wage moderation should be encouraged as a way to keep unemployment down. This paper argues for a reconsideration of this view by showing that it is possible for a binding minimum wage to reduce unemployment or increase employment even if there is involuntary unemployment

Topics: H Social Sciences (General), HB Economic Theory
Publisher: Oxford University Press
Year: 1995
DOI identifier: 10.2307/2946650
OAI identifier:
Provided by: LSE Research Online
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