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Minimum Wages Paperback – August 13, 2010


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Minimum Wages + Myth and Measurement + The Minimum Wage and Labor Market Outcomes
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Product Details

  • Paperback: 392 pages
  • Publisher: The MIT Press; Reprint edition (August 13, 2010)
  • Language: English
  • ISBN-10: 0262515083
  • ISBN-13: 978-0262515085
  • Product Dimensions: 9.1 x 5.9 x 0.8 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #268,200 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Beyond covering previously sparse treatments of issues such as effects on prices, inflation, profits, and inequality, Neumark and Wascher demonstrate the overwhelming weight and detrimental effects of minimum wages on low-skilled workers. The volume is a must for anyone interested in research on labor markets."--Daniel S. Hamermesh, Centennial Professor of Economics, University of Texas at Austin

(Daniel Hamermesh)

"Over the past 20 years, the focus of research on the minimum wage has changed from federal to state minimum wages as the key policy variable, and from effects on teen employment to a broader range of outcomes. David Neumark and William Wascher have been important contributors to these innovations. Minimum Wages combines a very accessible summary of their research with helpful discussions of others' work."--Charles Brown, Professor of Economics, University of Michigan

(Charles Brown)

"Beyond covering previously sparsely treated issues such as effects on prices, inflation, profits, and inequality, Neumark and Wascher demonstrate the overwhelming weight of careful U.S. evidence and other evidence showing the detrimental effects of minimum wages on low-skilled workers. The volume is a must for anyone interested in research on labor markets." -- Daniel S. Hamermesh , Centennial Professor of Economics, University of Texas at Austin



"Over the past twenty years, the focus of research on the minimum wage has changed from federal to state minimum wages as the key policy variable, and from effects on teen employment to a broader range of outcomes. David Neumark and William Wascher have been important contributors to these innovations. Minimum Wages combines a very accessible summary of their research with helpful discussions of others' work." -- Charles Brown , Professor of Economics, University of Michigan



"This is a superb book, notable for both breadth and depth of coverage, on one of the most fundamental topics in economics... Summing Up: Essential. Economics collections, upper-division undergraduate through professional." J. P. Jacobsen, Wesleyan University , Choice

About the Author

David Neumark is Professor of Economics at the University of California, Irvine. He is also a Research Associate at the National Bureau of Economic Research, a Senior Fellow at the Public Policy Institute of California, and a Research Fellow at the Institute for the Study of Labor.

William L. Wascher is Senior Associate Director in the Division of Research and Statistics at the Federal Reserve Board.

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Customer Reviews

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Most Helpful Customer Reviews

11 of 14 people found the following review helpful By Rufus Burgess on April 12, 2011
Format: 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 By D. W. MacKenzie on May 5, 2010
Format: 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 By BCW on May 2, 2013
Format: Paperback Verified Purchase
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 By J. Davis on March 18, 2013
Format: 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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