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In: Journal of the history of economic thought, Band 25, Heft 2, S. 245-247
ISSN: 1469-9656
In: Kyklos: international review for social sciences, Band 51, Heft 2, S. 277-284
ISSN: 1467-6435
In: The Economic Journal, Band 100, Heft 401, S. 641
In: Economica, Band 61, Heft 244, S. 531
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 46, Heft 2, S. 135-157
ISSN: 1467-9485
A two period, general equilibrium, model is analysed in which agents foresee how the second period outcome is determined by the investment decisions which they make in the first period. These decisions concern the acquisition of human and physical capital. The paper considers the impact of a minimum wage in the second period. It shows that, in equilibrium, this policy increases both types of investment. There is a range of values of the minimum wage at which the increases in investment are obtained without any reduction in period 2 employment. This is welfare‐improving for a range of parameter values. Under very specific circumstances, the minimum wage achieves a Pareto efficient outcome.
In: Economica, Band 62, Heft 247, S. 412
In: The Economic Journal, Band 106, Heft 434, S. 231