Economists may suppose that low-wage work can result in correspondingly low productivity. The best solution to high unemployment and turnover and low productivity is to pay users of low-wage labor a subsidy for each unit of labor they use. Top economists examine the best ways to address the problem of low wages and employment in the low-skilled labor pool.
Designing Inclusion
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Book Description
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.
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THE ECONOMICS OF SOCIAL INCLUSION,
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This review is from: Designing Inclusion: Tools to Raise Low-end Pay and Employment in Private Enterprise (Hardcover)
Edmund Phelps is the very best eocnomist to tackle employment as a problem to be solved. In this very short book, Phelps puts in policy making language the findings that have made him famous and earn a Noble Prize.
The problem is clear: how to improve the lot of low wage earners. Low wages, though they may seem economically efficient, carry along heavy social externalities, such as malnutrition, poor education, poor health, etc. Phelps explores the economic alternatives to improve the lives of low wage earners. He carries the reader through his thinking, presenting ample evidence and reasoning so that the reader arrives at his well thought out conclusion. Just as an advance of the book (in order not to leave one in suspense), his main conclusion is that a subsidy for companies to hire workers at a certain wage (a minimum social wage) is the best way to stimulate profit seeking companies to adjust wages to that level. A small subsidy is generally sufficient to achieve a good improvement in wages.
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Inside This Book
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First Sentence:
This chapter models two kinds of wage subsidy in a model of the natural rate having a continuum of workers ranked by their productivity - a flat wage subsidy and a graduated wage subsidy, each financed by a proportional payroll tax. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
unemployment vouchers, marginal training cost, labor cost elasticity, simulations for each group, hiring subsidy, proportional payroll tax, potential skill levels, wealth schedule, firing tax, employment protection policy, hiring subsidies, human capital averages, inclusion failure, market tightness, zero skills, employment subsidy, skill formation, closed economy case, average human capital, human capital levels, employment subsidies, less educated women, wage subsidies, entry effects, wage curve Key Phrases - Capitalized Phrases (CAPs): (learn more)
Becker-Ben Porath, New York, American Economic Review, Harvard University Press, United States, Discussion Paper, Review of Economic Studies, Rewarding Work, Cambridge University Press New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
This chapter models two kinds of wage subsidy in a model of the natural rate having a continuum of workers ranked by their productivity - a flat wage subsidy and a graduated wage subsidy, each financed by a proportional payroll tax. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
unemployment vouchers, marginal training cost, labor cost elasticity, simulations for each group, hiring subsidy, proportional payroll tax, potential skill levels, wealth schedule, firing tax, employment protection policy, hiring subsidies, human capital averages, inclusion failure, market tightness, zero skills, employment subsidy, skill formation, closed economy case, average human capital, human capital levels, employment subsidies, less educated women, wage subsidies, entry effects, wage curve Key Phrases - Capitalized Phrases (CAPs): (learn more)
Becker-Ben Porath, New York, American Economic Review, Harvard University Press, United States, Discussion Paper, Review of Economic Studies, Rewarding Work, Cambridge University Press New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 13
books:
See all 13 books this book cites
- Rewarding Work: How to Restore Participation and Self-Support to Free Enterprise, First Edition by Edmund S. Phelps in Front Matter, page 42, and page 159
- Equilibrium Unemployment Theory - 2nd Edition by Christopher A. Pissarides in Front Matter, and page 72
- Unemployment Policy: Government Options for the Labour Market by Dennis J. Snower on page 158, and page 159
- Organized Crime (Crime and Detection) by J. Anderson Black in Front Matter
- Job Creation and Destruction by Steven J. Davis on page 71
See all 13 books this book cites
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