How Do Firms Respond to Minimum Wage Increases? Understanding the Relevance of Non-Employment Margins

Author:

Clemens Jeffrey1

Affiliation:

1. Jeffrey Clemens is Associate Professor of Economics, University of California at San Diego, La Jolla, California. He is also a Research Associate, National Bureau of Economic Research, Cambridge, Massachusetts, and a Research Network Fellow, CESifo, Munich, Germany. ).

Abstract

This paper discusses non-employment margins through which firms may respond to minimum wage increases. Margins of interest include evasion, output prices, noncash compensation, job attributes including effort requirements, the firm’s mix of low- and high-skilled labor, and the firm’s mix of labor and capital. I discuss the basic theory behind each margin’s potential importance as well as findings from empirical research on their real-world relevance. Additionally, I present a set of pedagogical diagrams that show how supply and demand analyses of labor markets can be extended to bring additional nuances of real-world markets into the classroom.

Publisher

American Economic Association

Subject

Economics and Econometrics,Economics and Econometrics

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