1. Introduction (Ch. #1).docx - Lecture#1 – Introduction(Ch 1 Notes Questions in Labor Economics o What is the effect of the minimum wage Findings are

1. Introduction (Ch. #1).docx - Lecture#1 –...

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8/20/19 8/22/19 Lecture #1 – Introduction (Ch. 1) Notes Questions in Labor Economics o What is the effect of the minimum wage? Findings are all over the map. Very little agreement on this topic in labor economics. Does it actually increase wages? Yes. (For those who have jobs and continue to work.) How many people get to keep jobs? Who loses their jobs as a result? Who keeps? Weighing those to consequences/effects of a minimum wage. Puerto Rico study – lower price level there, relationship with US federal minimum wage is relevant/forced on them, disemployment effect higher here because of this o What are the causes of the rise in income inequality? Income inequality has a lot of different pieces, but fundamental to it is the difference between wage inequality and income inequality. Wage inequality – price for some workers time and skill has become more valuable than other workers.
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