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by Tarang
4041 days ago
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It comes from academic material, typical neoclassic economics textbooks teach this so I assume its from The Wealth of Nations. By increasing the minimum wage it locks out a portion of employees from being employed where the marginal product of labour is less than the minimum wage. Because of this there are actually tonnes of papers studying its effects: [1] http://www.nber.org/papers/w0846.pdf (one such paper) |
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