Pigou on the minimum wage: an institutional inquiry into the labour market

In this paper I examine A.C. Pigou's views on the institutional and theoretical aspects of the minimum wage. Pigou acknowledged the need for a minimum wage to redress exceptionally low wages, but this was subject to two provisos: first, when determining the minimum wage, one should not aim for...

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Published inHistory of economics review no. 49; pp. 32 - 44
Main Author Takami, Norikazu
Format Journal Article
LanguageEnglish
Published Hobart Taylor & Francis Group LLC 01.01.2009
Taylor & Francis Ltd
Subjects
Beliefs, opinions and attitudes
Committees
Economics
Economists
Employees
Employers
Great Britain: Economic history
History
Labor market
Labor unions
Labour
Living standards
Minimum wage
Pigou, A. C. (Arthur Cecil)
Pigou, Arthur Cecil
Standard of living
Studies
Wage fixation
Wage rates
Wages
Wages & salaries
Workers
Working conditions
Working poor
United Kingdom
United Kingdom > UK
Online AccessGet full text
ISSN1037-0196

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Summary:In this paper I examine A.C. Pigou's views on the institutional and theoretical aspects of the minimum wage. Pigou acknowledged the need for a minimum wage to redress exceptionally low wages, but this was subject to two provisos: first, when determining the minimum wage, one should not aim for a wage that meets some standard of living; and, second, as the prevailing British trades system of the day provided for differential wage rates for different trades, the coverage of minimum wage must be limited to low-paid workers. Pigou distinguished three types of employees according to their bargaining power and strongly advocated protection for the weakest workers through a minimum wage. [PUBLICATION ABSTRACT]
Bibliography:History of Economics Review, No. 49, Winter 2009: 32-44
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ISSN:1037-0196