Another Look at the Economics of Minimum Wage Legislation

7 Pages Posted: 2 Sep 2014

See all articles by Richard V. Burkhauser

Richard V. Burkhauser

Cornell University - Department of Policy Analysis & Management (PAM); University of Melbourne, Melbourne Institute

Date Written: September 2014

Abstract

Economists have long been involved in public policy‐making, both as policy advisors and policy advocates. This article revisits the two questions that future Nobel Prize winner, George Stigler, posed to the economics profession in his seminal 1946 American Economic Review article urging us to speak out in the debate over the efficacy of increases in the minimum wage: (i) ‘Does such legislation diminish poverty?’; and (ii) ‘Are there efficient alternatives?’. I review this literature in the United States in the context of the Congressional Budget Office's answers in 2014 to these questions and what Australian policy‐makers can learn from them.

Suggested Citation

Burkhauser, Richard V., Another Look at the Economics of Minimum Wage Legislation (September 2014). Australian Economic Review, Vol. 47, Issue 3, pp. 409-415, 2014, Available at SSRN: https://ssrn.com/abstract=2490124 or http://dx.doi.org/10.1111/1467-8462.12077

Richard V. Burkhauser (Contact Author)

Cornell University - Department of Policy Analysis & Management (PAM) ( email )

120 Martha Van Rensselaer Hall
Ithaca, NY 14853
United States

University of Melbourne, Melbourne Institute ( email )

Level 5, FBE Building, 111 Barry Street
161 Barry Street
Carlton, VIC 3053
Australia

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