by Edmund Phelps
Harvard University Press, 1997
Paper: 978-0-674-02694-0 | eISBN: 978-0-674-04211-7 | Cloth: 978-0-674-09495-6
Library of Congress Classification HC110.S9P47 2007
Dewey Decimal Classification 331.216

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ABOUT THIS BOOK
Since the 1970s a gulf has opened between the pay of low-paid workers and the pay of the middle class. No longer able to earn a decent wage in respectable work, many have left the labor force, and the job attachment of those remaining has weakened. For Edmund Phelps, this is a failure of political economy whose widespread effects are undermining the free-enterprise system. His solution is a graduated schedule of tax subsidies to enterprises for every low-wage worker they employ. As firms hire more of these workers, the labor market would tighten, driving up their pay levels as well as their employment.

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