Statutory Minimum Wage Controls: A Critical Review of Their Effects on Labour Markets, Employment & Incomes
Around the world, minimum wage controls have excluded low cost competitors from labour markets, hampered firms in reducing wage costs during trade downturns, and caused various industrial economic inefficiencies as well as unemployment, poverty, and price rises. This study analyses national minimum wage fixing as a special form of political economic protectionism the equivalent of tariff barriers to low cost imports. It sees it as violating Treaty of Rome and other basic guarantees of free trade and markets in labour services in Europe. The widely used study contains a detailed critique of the recently established British national minimum wage fixing regime.
1. Minimum Wage Controls and their Effects: an Overview
2. Minimum Wage Control and De Control in Particular Countries
3. Legal Aspects of Minimum Wage Control
4. Minimum Wage Control and Unemployment
5. The Effects of Minimum Wage Controls on Employers and the Demand for Labour
6. The Effects of Minimum Wage Controls on Employees and the Supply of Labour
7. The Effects of Minimum Wage Controls on Incomes and Welfare
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Adam Smith Institute artificial barriers to labour Britain business-economic growth businesses companies competition countries demand for labour earnings employ employers and employees entry and employment European Union factors of production firms and employees firms and industries freelance government minimum wage households incomes policy increases in wages industrial-commercial industrial-economic investment job creation labour costs labour market entry large numbers low wages lower major market and employment minimum hourly minimum wage controls minimum wage fixing minimum wage increases minimum wage laws minimum wage rates minimum wage tariff national minimum wage Nonetheless occupations official minimum wage official wage fixing official wage hikes part-time payments political-legal poverty profits protectionism protectionist reduce redundant retail sector self-employed shadow economy significant skills statutory minimum wage subsidies substantial suppliers teleworkers tend trade unions unemployed persons wage bills wage control regimes wage cost increases wage fixing regimes wage tariff barriers welfare benefits workers youth unemployment
Page 1 - The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour is a plain violation of this most sacred property.