Economics & Finance / Economic Theory / Labor Economics

Minimum Wage and Employment:Theory, Empirical Evidence, and Review. The content is primarily derived

Minimum Wage and Employment

David Neumark, William Wascher

Nobel Prize in Economics Papers Series： 最低工资与就业：理论、实证与综述 Minimum Wage and Employment: Theory, Empirical Evidence, and Review. The content is primarily derived from the academic work *Minimum Wage and Employment, co-authored by David Neumark and William Wascher. This work explores the actual impact of minimum wage laws on employment—particularly low-skilled labor—through a comprehensive review of literature on "new minimum wage research" over the past fifteen years. The authors point out that while there is still debate in academia regarding the overall effect, the vast majority of high-quality research indicates that raising the minimum wage standard leads to a decline in employment rates among youth and low-skilled groups. The work also analyzes the reasons for the differences in conclusions arising from different research methods (such as panel data and case studies) and emphasizes the importance of lag effects and labor substitution in assessing policy consequences. Furthermore, the book not only covers empirical data from the United States but also compares it with relevant evidence from the international community, aiming to provide policymakers with more accurate model references.