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A Correlation Analysis between Minimum Wage and Labor Productivity and Employment Effects in Port-Related Industry  

Sim, Ki-Sup (한국해양수산개발원)
Lee, Ki-Youl (한국해양수산개발원)
Kim, Bo-Kyung (한국해양수산개발원)
Publication Information
Journal of Korea Port Economic Association / v.35, no.2, 2019 , pp. 37-60 More about this Journal
Abstract
An analysis of the correlation in port-related industries between minimum wage and employment effects, showed that it was very insignificant. However, there are some differences between commercial and temporary workers, those that are self-employed, and other workers in the private sector. Thus, while commercial workers are somewhat stable, they have a somewhat negative effect on temporary workers and self-employed people. At the Minimum Wage Council, the minimum wage hike is seen as stable because of the interaction between income and substitution effects in the labor market. According to the analysis, the port-related industries were affected more by the global economic recession and domestic economic volatility than the variables related to the minimum wage hike.
Keywords
Minimum Wage; Employment Effects; Income effect; Substitution effect; OLS;
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