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Designing Inclusion: Tools to Raise Low-end Pay and Employment in Private Enterprise Hardcover – December 22, 2003

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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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Product Details

  • Hardcover: 178 pages
  • Publisher: Cambridge University Press (December 22, 2003)
  • Language: English
  • ISBN-10: 0521816955
  • ISBN-13: 978-0748777952
  • Product Dimensions: 6 x 0.6 x 9 inches
  • Shipping Weight: 14.9 ounces (View shipping rates and policies)
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #1,862,538 in Books (See Top 100 in Books)

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1 of 1 people found the following review helpful By Denis Benchimol Minev on March 1, 2009
Format: Hardcover Verified Purchase
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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Designing Inclusion: Tools to Raise Low-end Pay and Employment in Private Enterprise
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