The estimation of the economic return to education has perhaps been one of the predominant areas of analysis in applied economics for over 50 years. In this short note we consider some of the recent directions taken by the literature, and also some of the blockages faced by both science and...

This study investigates the determinants and motives of professionals who change career to vocational teaching. The framework for this study is the Swiss vocational education system, which requires that teachers of vocational subjects must have a prior career in that specific field. Thus, to...

Der Beitrag geht auf die Kabinettsfassung des Mindestlohngesetzentwurfs ein. Trotz einiger richtiger Nachjustierungen – wie zum Beispiel die Einführung einer Evaluationsklausel – bleibt der Mindestlohn ein arbeitsmarktpolitisches Großexperiment. Um die Flurschäden am Arbeitsmarkt...

Die deutsche Bundesregierung plant die Einführung eines flächendeckenden Mindestlohns. Dieser Beitrag fasst die vorliegenden nationalen und internationalen Erfahrungen mit Mindestlöhnen zusammen. Er analysiert dabei die Konsequenzen für Beschäftigung und Einkommensverteilung und legt eine...

This paper presents a short overview of dynamic models of labor markets with transaction costs. It shows that these models have deeply renewed the understanding of job search, job flows, job creations and destructions, unemployment and wage formation. It argues that this renewal provides a very...

To be competitive in the global economy, some argue that Latin American countries need to reduce or eliminate labor market regulations such as minimum wage legislation because they constrain job creation and hence increase poverty. On the other hand, minimum wage increases can have a direct...

This paper examines the set of interdependences between the formation of wages, prices and the minimum wage (SMIC) through a vectorial error correction model estimated on French quarterly macroeconomic data covering the 1970-1/1999-4 period. Two periods are distinguished: the period of inflation...

We present a theorem helpful in estimating the mean and variance of a linear function with arbitrary multivariate randomness in its coefficients and variables. We derive a generalized decomposition result from two random linear functions in which the result can be applied to most models using...

In the book Myth and Measurement, Card and Krueger (1995) examine the economic impact of the 1989 minimum wage hike on the welfare of 110 firms which employ a disproportionate number of minimum-wage workers. Their results show mixed evidence that excess returns associated with news about the...

This paper examines the relationship between pay inequality, economic growth, and performance in Korea. Pay inequality is estimated by using Theil's index to identify the factors determining the level of pay inequality, and establish its relationship with economic growth and performance. For the...