Acemoglu, Daron; Pischke, Jorn-Steffen - London School of Economics (LSE) - 2002
Becker''s theory of human capital predicts that minimum wages should reduce training investments for affected workers … because they prevent these workers from taking wage cuts necessary to finance training. In contrast, in noncompetitive labor … markets, minimum wages tend to increase training of affected workers because they induce firms to train their unskilled …