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Monday, February 26, 2007 

Minimum Wage Laws and the Context of Poverty Reduction
Well! That’s quite a serious matter trying to reconcile minimum wage laws and their impacts on output and employment. And during one of those timeless internet searches of mine, these issues came to my mind after reading about the upcoming debates set to unfold in the Cayman Islands about minimum wage laws and future strategies to revamp its structure.
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I Know first-hand some of the exploitation that goes on,” he said. “It’s not just exploitation of the foreigners….its how (that exploitation) distorts the labour market for the locals…who are unwilling to work for $3.50 an hour.

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The implications of minimum wage have always been described as some kinda “hard-punches” in experts’ circles in regards to the questionable value of such instrument in policy mechanisms. As a matter of fact, many tend to question the effectiveness of such tool, which at times has raised eye-brows re the relationships behind the improvement of living conditions for the working poor, and short and long-run disemployment outcomes.
We can all agree that this not a simple matter when taking into consideration the position of unskilled and disadvantaged people in the labor market, and the distortions that might emerge in the development of indicators for low-income, the definition of poverty and the concept of substitution in labor-market dynamics. More >>>

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