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1 [i] (1981)

handle is hein.amenin/aeiabrq0001 and id is 1 raw text is: Trim 1/2 in off the top of all covers , Front edge of spine.----8.875in from the front edge of the paper. Trim small here - Trim large here --L Minimum Wage Regulation in Retail Trade, by Belton M. Fleisher, shows that federal legislation imposing minimum wage standards on the retail trade industries in 1961 raised average labor costs in retail trade as much as 5 percent during the late 1960s. As a result, there were between one-third million and one-half million fewer full-time jobs in retail trade than would have existed wihout that legislation. This narrowing of labor market opportunities affected teenagers most severely, reducing employment among eighteen- and nineteen-year-old men by about 9 percent and among fourteen- to seventeen-year-old women by about 14 percent. The research reported in this book-the first one devoted to this subject in more than a decade-indicates that minimum wages do not necessarily result in an increase in the full rate of pay. Fringe benefits tend to be reduced somewhat and, most importantly, the training value of jobs is largely eliminated as employers adjust to the rising labor cost. Once again, young persons are affected most severely since the training aspects of early labor force experience are particularly im- portant for them. Professor Fleisher concludes that the extension of minimum wage coverage to retail trade provides evidence that low earning power cannot be cured by legislating it away. Belton M. Fleisher is professor of economics at the Ohio State University. He is the coauthor of a textbook in labor economics, Labor Economics: Theory, Evidence, and Policy (2nd edition, 1980), and the author of The Economics of Delinquency (1966) and of numerous articles in professional journals. US $12.00 ISBN 13: 978 0 8447-3420-0 ISBN 10: 0 8447 3420-9 111 1 1 l5 1200 9 780844 734200( *Small covers trim to (14.625 x 9.4) *Large covers trim to (18.875 x 11.4)

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