92 lines
3.1 KiB
YAML
92 lines
3.1 KiB
YAML
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abstract: 'The ongoing debates on the impact of minimum wage have largely focused
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on the policy''s employment effect for its theoretical implications, but
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the real question at stake here is its income effect, that is, whether
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or not it can increase the income of the underclass. Previous efforts
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have mostly relied on various forms of market imperfection to verify the
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theoretical integrity of this policy, whereas in this article we have
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raised another Marxian perspective, emphasizing the positive check of
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minimum wage on overtime work. Classical economists have long recognized
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the vulnerability of the working class when faced against capitalists,
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but only Marx has paid special attention to the complicated interaction
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between hourly/unit wage rates and the length of the working day,
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proposing that low wage rates would not only hurt workers by forcing
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them to work overtime, but that it would also hurt the capitalists as a
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class once large-scale labor degradation kicks in, endangering the very
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existence of a well-functioning working class for them to employ. Both
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the inherent conflict of interests between individual capitalists and
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capitalists as a class and workers'' systematic disadvantage against
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capital serve to call for the intervention of a ``visible hand{''''} which
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is the establishment of a minimum wage. A theoretical model has been
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proposed to formalize this wage-hour mechanism for the underclass,
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emphasizing the special constraints they face when making labor supply
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decisions. We have discussed three different types of income effect,
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explaining how workers'' income might increase with minimum wage and how
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firms might also benefit from such a process.'
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affiliation: 'Xie, FS (Corresponding Author), Renmin Univ China, Sch Econ, Beijing,
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Peoples R China.
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Xie, FS (Corresponding Author), Renmin Univ China, Coinnovat Ctr Econ Construct
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Socialism Chinese Ch, Beijing, Peoples R China.
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Xie, Fusheng; Chen, Ruilin, Renmin Univ China, Sch Econ, Beijing, Peoples R China.
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Xie, Fusheng, Renmin Univ China, Coinnovat Ctr Econ Construct Socialism Chinese
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Ch, Beijing, Peoples R China.'
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author: Xie, Fusheng and Chen, Ruilin
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author-email: 'xiefusheng@ruc.edu.cn
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crlbelinda@163.com'
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author_list:
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- family: Xie
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given: Fusheng
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- family: Chen
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given: Ruilin
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da: '2023-09-28'
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doi: 10.13169/worlrevipoliecon.8.4.0503
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eissn: 2042-8928
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files: []
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issn: 2042-891X
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journal: WORLD REVIEW OF POLITICAL ECONOMY
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keywords: minimum wage; income effect; unconditional quantile regression
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keywords-plus: EMPLOYMENT; ECONOMICS; DECOMPOSITION; STATE; MODEL; TIME; BIAS; LAWS
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language: English
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month: WIN
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number: '4'
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number-of-cited-references: '65'
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orcid-numbers: Chen, Ruilin/0009-0007-8867-3275
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pages: 503-541
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papis_id: 55c588d6a4ec61dda7bb8112aa10ad03
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ref: Xie2017incomeeffect
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times-cited: '0'
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title: THE INCOME EFFECT OF MINIMUM WAGE FOR THE UNDERCLASS Is It Positive in China?
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type: Article
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unique-id: WOS:000429325400003
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usage-count-last-180-days: '0'
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usage-count-since-2013: '4'
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volume: '8'
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web-of-science-categories: Economics
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year: '2017'
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