2023-09-28 14:46:10 +00:00
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abstract: 'We explore the suitability of the minimum wage as a policy instrument
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for reducing emerging income inequality created by new technologies. For
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this, we implement a binding minimum wage in a task-based framework, in
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which tasks are conducted by machines, low-skill, and high-skill
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workers. In this framework, an increasing minimum wage reduces the
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inequality between the low-skill wage and the other factor prices,
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whereas the share of income of low-skill workers in the national income
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is nonincreasing. Then, we analyze the impact of an automating economy
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along the extensive and intensive margins. In a setting with a minimum
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wage, it can be shown that automation at the extensive margin and the
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creation of new, labor-intensive tasks do not increase the aggregate
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output in general, as the displacement of low-skill workers counteracts
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the positive effects of cost-savings. Finally, we highlight a potential
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trade-off between less inequality of the factor prices and greater
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inequality of the income distribution when a minimum wage is introduced
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into an automating economy.'
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affiliation: 'Eckardt, MS (Corresponding Author), Tech Univ Darmstadt, Dept Law \&
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Econ, Hsch Str 1, D-64289 Darmstadt, Germany.
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Eckardt, Marcel Steffen, Tech Univ Darmstadt, Dept Law \& Econ, Hsch Str 1, D-64289
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Darmstadt, Germany.'
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author: Eckardt, Marcel Steffen
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author-email: eckardt@vwl.tu-darmstadt.de
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author_list:
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- family: Eckardt
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given: Marcel Steffen
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da: '2023-09-28'
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doi: 10.1111/jpet.12528
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earlyaccessdate: JUN 2021
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eissn: 1467-9779
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files: []
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issn: 1097-3923
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journal: JOURNAL OF PUBLIC ECONOMIC THEORY
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keywords: 'automation; displacement effects; employment; inequality; labor demand;
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minimum wage; tasks; wages'
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keywords-plus: 'LOW-SKILL; JOBS; FUTURE; POLARIZATION; TECHNOLOGY; EMPLOYMENT; MACHINES;
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GROWTH; IMPACT; WORK'
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language: English
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month: FEB
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number: '1'
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number-of-cited-references: '38'
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orcid-numbers: Eckardt, Marcel Steffen/0000-0003-2104-2747
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pages: 58-91
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papis_id: fb95f6159d9d12acdae79bd834165268
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ref: Eckardt2022minimumwages
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times-cited: '0'
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title: Minimum wages in an automating economy
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000665828700001
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usage-count-last-180-days: '6'
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usage-count-since-2013: '20'
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volume: '24'
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web-of-science-categories: Economics
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year: '2022'
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