How Do We Know That Real Wages Are Too High?
质疑了“非自愿失业意味着工资过高”的普遍观点，通过论证即使存在非自愿失业，有约束力的最低工资也可能减少失业或增加就业。
It is a common belief that the existence of involuntary unemployment implies that wages are too high and that wage moderation should be encouraged as a way to keep unemployment down. This paper argues for a reconsideration of this view by showing that it is possible for a binding minimum wage to reduce unemployment or increase employment even if there is involuntary unemployment.