Economists may suppose that when too little a reward is paid for low-wage work and as a result too little occurs, the most direct solution is best: pay users of low-wage labour a subsidy for each unit they use and watch the market adjust. However, there is more than one way to carry out the principle and some methods may not work well. This volume brings top economists together for a deep examination of how best to address the problem of low wages and employment among the less advantaged.
About the Author
Edmund S. Phelps is McVickar Professor of Political Economy and Director of the Center on Capitalism and Society at Columbia University.