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12 of 15 people found the following review helpful
5.0 out of 5 stars Thorough Overview of Minimum Wage Research, April 12, 2011
This review is from: Minimum Wages (Paperback)
Neumark and Wascher present the most comprehensive overview of minimum wage research currently available. The book begins with a theoretical and historical summary of the minimum wage. They then discuss the "old" and "new" minimum wage research. They finish their work with an exploration into periphery topics (like human capital and political economy.) This book does not contain original research. It is a compilation of relevant academic papers over the past 80 years.

The minimum wage is the second most studied aspect of labor economics. The authors compile the 100 most important academic papers on the subject and reveal the results to the reader. They offer relevant graphs and regressions when necessary. When necessary they comment on the validity of particular papers using opposing academic papers. Neumark and Wascher try to make past research accessible to a general audience while still being directed at academics.

The problem with Minimum Wages is the rather obvious bias of the researchers. They have studied the minimum wage for 30 years. About 15 years ago Myth and Measurement seriously questioned their research. Card and Krueger even singled out two of their studies in showing statistical errors. Nuemark and Wascher conceded on some points of interest but never agreed with Card and Krueger's analysis. The entire book feels like one long rebuttal to Myth and Measurement. Nevertheless, the authors do remain fairly objective. They never misinterpret the research of opposing economists (though they do try to quickly refute key points.)

Minimum Wages is an excellent starting point for minimum wage research. However, I would suggest reading Myth and Measurement first.
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11 of 14 people found the following review helpful
4.0 out of 5 stars Water Runs Downhill, May 5, 2010
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This review is from: Minimum Wages (Hardcover)
Minimum Wages brings badly needed clarity to the minimum wage issue. Proponents of minimum wage laws/increases mean well, they want to help the poor. However, straightforward economic theory indicates that minimum wages increase unemployment among low productivity workers, and can decrease the incomes of impoverished households.

Neumark and Wascher have examined the data and there is little evidence that minimum wages laws deliver their intended results. One of the most interesting findings of this book is that minimum wage laws can adversely affect long run wages and earnings. Long run effects often get left out of debates over minimum wages, so their inclusion in this book is important.

Neumark and Wascher have made an important contribution with this book. All those interested in the minimum wage issue should start by reading this book.
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1 of 1 people found the following review helpful
4.0 out of 5 stars Interesting Facts, May 2, 2013
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This review is from: Minimum Wages (Paperback)
I primarily purchased this book for use for a term paper in my economics class. It had some very good information in it. Individuals in Human Resources, Compensation positions may find this information helpful.
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2 of 3 people found the following review helpful
4.0 out of 5 stars Very convincing argument, March 18, 2013
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J. Davis (San Diego, CA United States) - See all my reviews
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This review is from: Minimum Wages (Paperback)
In the last 15-20 years, the consensus among economists on the minimum wage--that it causes unemployment-- has been challenged by certain economists. The most famous of these dissents was the Card-Kruger minimum wage study argued that increases in the minimum wage in the fast food industry did not reduce employmment.

In this comprehensive, well-researched book, David Neumark, an economist @ UC-Irvine, defends the traditional economics 101 position. He sums up the results of the research at the end of the book, and concludes the minimum wage is a bad idea, even beyond reducing employment. He argues that it hurts the people that its supporters claim it helps. Whatever your position on this issue, I recommend reading Minimum Wages.

Disclaimer: some background knowledge of economics is really needed to grasp some of the book's points. E.g. if you don't know anything about elasticity, his arguments will be difficult to understand.
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5.0 out of 5 stars The Authority, May 21, 2014
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This review is from: Minimum Wages (Kindle Edition)
The minimum wage is a controversial topic politically and within the academic community. We'd all like to help people in poverty but there are unintended consequences from a minimum wage that could hurt rather than help them. Neumark is the authority.
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5.0 out of 5 stars Excellent, February 8, 2014
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This review is from: Minimum Wages (Kindle Edition)
Very thorough analysis of various impacts of minimum wage. Some perhaps surprising results put the issue in a broader perspective than more widely available.
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4.0 out of 5 stars Thorough, objective summary of findings on minimum wages, November 17, 2013
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This review is from: Minimum Wages (Paperback)
Minimum wage laws have existed now for over 100 years and will likely continue to exist for the foreseeable future, the evidence be damned. Such laws have considerable emotional appeal, but according to Neumark and Wascher, they actually do a lot of harm to the people they are intended to benefit. Politicians are able to score points with their constituents by advocating minimum wages, which is a real shame, since, as the authors state in their conclusion, "Minimum wages do not deliver on their goal of improving the lives of low-wage workers, low-skill individuals, and low-income families." You can't get any blunter than that.

Of course, a deeper analysis of why minimum wages are necessary in the first place was beyond the scope of the book. Like all of us, low-wage, low-skill workers suffer from the ravages of inflation, but as long as the root cause of inflation (expansion of the money supply by the central bank) is never addressed, those who suffer most from inflation, that is, the poor and unskilled workers, will have to be helped somehow.

However, I understand it wasn't the authors' intention to look at the issue from that perspective, so I give the book high marks. I can't imagine a deeper treatment of the subject without being too specialized. Like another reviewer mentioned, some knowledge of economics would definitely help, but that seemed unavoidable. I highly recommend this book.
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Minimum Wages
Minimum Wages by David Neumark
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