| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1230 |
| DP1230 The Seamless World: A Spatial Model of International Specialization | |
| Anthony Venables; Paul Krugman | |
| 发表日期 | 1995-08-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | In this paper we consider the effects of minimum wage legislation in an overlapping generations model. In our model there is an intergenerational externality in the accumulation of human capital since the production of human capital of every new generation depends positively on the average human capital stock of the preceding generation. This externality means that the competitive equilibrium allocation is sub-optimal, and every generation accumulates too little human capital. We show that in the case of identical agents, a minimum wage above the market wage can increase human capital accumulation and welfare. Furthermore, the first-best allocation can be attained through the implementation of a minimum wage. We introduce a cross-agent heterogeneity such that agents differ in their ability to produce human capital. In this case a (binding) minimum wage may produce unemployment, and it may increase or decrease human capital accumulation. |
| 关键词 | Human capital accumulation Intergenerational externality Minimum wages Overlapping generations |
| URL | https://cepr.org/publications/dp1230 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530372 |
| 推荐引用方式 GB/T 7714 | Anthony Venables,Paul Krugman. DP1230 The Seamless World: A Spatial Model of International Specialization. 1995. |
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