Minimum wage

This article reviews many academic studies of the impact of minimum wage. The conclusions are:

1. The range of estimates of the effects of the minimum wage on employment is wide.
2. The preponderance of the evidence points to disemployment effects;, i.e., an increase in minimum wage leads to less employment.
3. the evidence for disemployment effects seems especially strong for the least-skilled groups.
4. "We view the literature—when read broadly and critically—as largely solidifying the conventional view that minimum wages reduce employment among low-skilled workers, and as suggesting that the low-wage labor market can be reasonably approximated by the neoclassical competitive model."