The impact of the minimum wage or jungle of flexibility

Klaus Schöler

Abstract

In this paper the minimum wage and its assumption, which was established by the government, will be discussed. The author would like to present the impact of minimal wage on the economy. The presented consideration allow to conclude that there is a lack of empirical knowledge about the minimum wage and prediction their impact on the functioning of many economic area. We can only forecast the direction of development.

 

Keywords:

minimum wage, labor market, price elasticity