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Selected Articles on Minimum Wage: (English)

Selected Articles on Minimum Wage: (English)

          
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About the Book

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1917. Not illustrated. Excerpt: ... at lower prices? The employee is no more entitled to receive his cost of living, as such, from the employer than the employer is entitled to receive his cost of living or the cost of the living of his industry, as such, from the employee. Both are entitled to live, but neither is entitled to receive the cost of living, as such, from the other. ECONOMIC THEORY AND PROPOSALS FOR LEGAL MINIMUM WAGE1 If the minimum is no higher than the wage of the lowest paid workers would have been without a minimum, it obviously has no effect. If it is higher, the increased wage must come from somewhere. There seem to be three possible sources from which it may be derived: (1) A fall in wages of the more highly paid labourers; (2) an increase in the price of the commodity; (3) a fall in profits. The least likely source has been mentioned first in order to deal with it before proceeding to more lengthy discussions. If the wages of the more highly paid labour are reduced, the supply in the trade is likely to be less than would otherwise have been the case, and this decrease in its supply will tend to force its wages up again. The immediate result will probably be an attempt on the part of employers to recoup the loss on those hitherto earning less than the minimum by cutting down the wages of those earning more But in the long run, what will be the effect on the demand for the more highly skilled labour? We have to take into account the Law of Substitution. When the same result can be obtained by different methods, the most likely to survive are those which are most efficient in proportion to their cost. If, then, the cost of any one method is raised, the tendency is for the competing method to take its place. It seems probable, therefore, that an increase in the cost of the less s...


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Product Details
  • ISBN-13: 9781150090608
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 84
  • Series Title: English
  • Weight: 168 gr
  • ISBN-10: 115009060X
  • Publisher Date: 01 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 189 mm

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