Christian Ragacs: Department of Economics, Vienna University of Economics & B.A.
Abstract: We ask for the empirical evidence of the textbook theory of minimum wages for the Austrian Industry. The bargaining result of unions and firms is interpreted as a minimum wage, as the bargaining situation in Austria may be described best by a "right to manage-model". Based on the analysis of micro-founded "employment functions" in contrast to the predictions of the textbook analysis no significant negative effect of minimum wages on employment is found.
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