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Minimum Wages and Productivity: Analysis from Panel Data of Japanese Firms

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  • Morikawa, Masayuki

Abstract

The main objectives of a minimum wage are to reduce economic inequality and ensure that low-wage workers have appropriate earnings. However, there is ongoing debate on whether minimum wages improve productivity. This study surveys the literature related to the impact of minimum wages on productivity and presents evidence on the relationship between minimum wages and productivity using the panel data of Japanese firms for the years 2001―2018. Fixed-effects and instrumental variable estimations are used. The estimation results do not indicate that an increase in minimum wages improves productivity in Japan.

Suggested Citation

  • Morikawa, Masayuki, 2022. "Minimum Wages and Productivity: Analysis from Panel Data of Japanese Firms," Economic Review, Hitotsubashi University, vol. 73(1), pages 29-48, January.
    • Handle: RePEc:hit:ecorev:v:73:y:2022:i:1:p:29-48
    DOI: 10.15057/72559
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    More about this item

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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