The Economics and Ethics of Minimum Wage Legislation
- 1 December 1999
- journal article
- research article
- Published by Taylor & Francis Ltd in Review of Social Economy
- Vol. 57 (4), 466-487
- https://doi.org/10.1080/00346769900000017
Abstract
Recent empirical studies have led the economics profession to question the proposition that minimum wage legislation necessarily leads to greater unemployment. This paper extends the analysis of these studies by providing several theoretical reasons why these empirical results may reflect a larger truth. Moreover, it addresses a relatively neglected aspect of the minimum wage debate - its ethical dimensions. Specifically, do the elementary principles of economic justice mandate that employees who “play by the rules”, should earn a “living wage”? This paper argues that the minimum wage is a successful economic policy that is consistent with economic justice.Keywords
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