Price Ceilings and Floors. Effects on market equilibrium; Assessing winners and losers;. SURVEY. Have you worked in a minimum wage job? If yes, what was the job? Do you support increasing the minimum wage by $1.00?. Outline. Historical Evolution of Minimum Wage Conventional Analysis
Effects on market equilibrium; Assessing winners and losers;
1931-36. Minimum wage legislation passed by Connecticut, Illinois, New Hampshire, New Jersey, New York, Ohio, Utah and D.C.
1937. Fair Labor Standards Act established federal minimum wage of $0.25 1st year; $0.30, the next 6 yrs. Narrow coverage. Numerous exemptions.
1949-1966. Increases in minimum wage in 1949,55,61.Historical Perspectives
1972. Education Amendments established minimum wages for employees of public and private schools
1977. Minimum wage became $2.65 an hour effective 1978; $2.90 an hour in 1979, $3.10 an hour in 1980 and $3.35 in 1981. Congress established the Federal Minimum Wage Study Commission.
1990. Minimum wage increased to $4.25More Coverage Post ‘66
Source: Mischel, L. et al, 1993, “Who Wins With A Higher Minimum Wage?” EPI briefing paper. IWPR, “Women and the Minimum Wage, 1995