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100-407: Music Theatre of Wichita was established in 1972 by a group of local business leaders who raised $ 100,000 to fund it as a community theatre and hired Jim Miller as the first director. Under Miller, the group relied on local teachers and performers. After Miller left in 1979, his assistant, John Holly, took over. Starting with an initial annual budget of $ 460,000, Holly shifted the company's emphasis to

200-565: A book or through-storyline ( vaudeville , cabarets , circuses ) may be represented by the American Guild of Variety Artists (AGVA). The AEA works to negotiate quality living conditions, livable wages, and benefits for performers and stage managers. A theater or production that is not produced and performed by AEA members may be called "non-Equity". Leading up to the Actors' and Producers' strike of 1929, Hollywood and California in general had

300-421: A 10 percent increase in the minimum wage caused a 1 percent decrease in teenage employment, and no change in the teenage unemployment rate. The study also found a small, but statistically significant, increase in unemployment for adults aged 20–24. Wellington (1991) updated Brown et al.'s research with data through 1986 to provide new estimates encompassing a period when the real (i.e., inflation-adjusted) value of

400-443: A classical price floor on labor. Standard theory says that, if set above the equilibrium price, more labor will be willing to be provided by workers than will be demanded by employers, creating a surplus of labor, i.e. unemployment. The economic model of markets predicts the same of other commodities (like milk and wheat, for example): Artificially raising the price of the commodity tends to cause an increase in quantity supplied and

500-445: A decrease in quantity demanded. The result is a surplus of the commodity. When there is a wheat surplus, the government buys it. Since the government does not hire surplus labor, the labor surplus takes the form of unemployment, which tends to be higher with minimum wage laws than without them. The supply and demand model implies that by mandating a price floor above the equilibrium wage, minimum wage laws will cause unemployment. This

600-653: A follow-up comprehensive study after the increase confirmed a strong economy with increased employment above previous years in Florida and better than in the US as a whole. When it comes to on-the-job training, some believe the increase in wages is taken out of training expenses. A 2001 empirical study found that there is "no evidence that minimum wages reduce training, and little evidence that they tend to increase training." The Economist wrote in December 2013: "A minimum wage, providing it

700-496: A healthy bargaining ... . But where you have what we call sweated trades, you have no organisation, no parity of bargaining, the good employer is undercut by the bad, and the bad employer is undercut by the worst ... where those conditions prevail you have not a condition of progress, but a condition of progressive degeneration." Winston Churchill MP , Trade Boards Bill , Hansard House of Commons (28 April 1909) vol 4, col 388 Modern minimum wage laws trace their origin to

800-438: A higher minimum wage increases the wage rates of unskilled workers above the level that would be established by market forces, the quantity of unskilled workers employed will fall. The minimum wage will price the services of the least productive (and therefore lowest-wage) workers out of the market. … the direct results of minimum wage legislation are clearly mixed. Some workers, most likely those whose previous wages were closest to

900-506: A major role in the recognition of the impact the AIDS epidemic on the world of theater, co-founding Broadway Cares/Equity Fights AIDS . In 2021, Actor's Equity introduced an "Open Access" membership policy, whereby "any theatre worker who can demonstrate they have worked professionally as an actor or stage manager within Equity's geographical jurisdiction" may join the union. This opened eligibility to

1000-568: A member of one of Equity's sister performing arts unions, the "Four A's": SAG-AFTRA , AGMA , AGVA or GIAA . Such applicants must have been a member of said sister union for at least one year, be a member in good standing of that union, have worked as a performer under the union's jurisdiction on a principal or "under-five" contract or at least three days of extra ("background") work, and must have completed non-union theatrical work. The AEA has several different types of contract, with different rules associated with them. Each contract type deals with

1100-444: A minimum wage law, such as Louisiana and Tennessee, and other states have minimum wages below the federal minimum wage such as Georgia and Wyoming, although the federal minimum wage is enforced in those states. Some jurisdictions allow employers to count tips given to their workers as credit towards the minimum wage levels. India was one of the first developing countries to introduce minimum wage policy in its law in 1948. However, it

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1200-700: A minimum wage not only to support the worker, but to support their desired semi- and skilled laborers while forcing the undesired workers (including the idle, immigrants, women, racial minorities, and the disabled) out of the labor market. The result, over the longer term, would be to limit the nondesired workers' ability to earn money and have families, and thereby, remove them from the economists' ideal society. "It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country." President Franklin D. Roosevelt , 1933 The first modern national minimum wages were enacted by

1300-561: A minimum wage that applies to all workers, this equation completely determines the equilibrium value of the labor market tightness θ {\displaystyle \theta } . There are two conditions associated with the matching function: m ′ ( θ ) < 0 , [ θ m ( θ ) ] ′ > 0 {\displaystyle m'(\theta )<0,\quad [\theta m(\theta )]'>0} This implies that θ {\displaystyle \theta }

1400-469: A minimum wage was proposed as a means to make them pay fairly. Over time, the focus changed to helping people, especially families, become more self-sufficient. In the United States, the late 19th-century ideas for favoring a minimum wage also coincided with the eugenics movement . As a consequence, some economists at the time, including Royal Meeker and Henry Rogers Seager , argued for the adoption of

1500-623: A more organized equality strike. Starting on June 5, 1929, Gillmore attended several meetings in New York with the heads of Broadway. After the meeting, he notified the AEA that appearances in sound and talking motion pictures had been suspended until the outcome of the meetings with the international Studio Crafts Union. Due to the negotiations and the suspension of contracts through the AEA, studios were desperate for actors to speed up production, which had dropped significantly. The New York Times wrote, "It

1600-517: A more professional framework, using more Equity talent and rules. Holly left after 14 seasons to take a position with Theatre Under The Stars in Houston , and was replaced by Wayne Bryan, who had been a guest performer and director for the company. Each summer a resident company of college-aged performers and technicians works with established professionals from Broadway and Hollywood. More than 1,000 aspiring singer-dancer-actors audition each March for

1700-436: A result of intentional collusion between employers, or naturalistic factors such as segmented markets , search costs , information costs , imperfect mobility and the personal element of labor markets. Such a case is a type of market failure and results in workers being paid less than their marginal value. Under the monopsonistic assumption, an appropriately set minimum wage could increase both wages and employment, with

1800-413: A series of workers' equality battles that directly influenced the film industry. The films The Passaic Textile Strike (1926), The Miners' Strike (1928) and The Gastonia Textile Strike (1929) gave audience and producers insight into the effect and accomplishments of labor unions and striking. These films were set apart by being current documentaries, not merely melodramas produced for glamor. In 1896,

1900-453: A specific type of theater venue or production type. These include, but are not limited to: Council of Resident Stock Theatres (CORST), Guest Artist, Letters of Agreement (LoA), League of Resident Theatres (LoRT) Small Professional Theatres (SPT), and Theatre for Young Audiences (TYA). AEA actors and stage managers are not allowed to work in non-Equity houses or on any productions in which an Equity Agreement has not been signed anywhere within

2000-443: A studio would put out worldwide. On July 20, 1929, the AEA gained its first victory, which gave producers and actors a leg to stand on in their battle for equality. Over 30 days (up to August 20, 1929), Gillmore fought to give the AEA the ability to represent all actors, producers, radio personality, vaudeville performers, and agents in the country. This would also give all power and representation to one organization in order to create

2100-645: A trade-off for low- to high-skilled workers that when the minimum wage is increased GDP is more highly redistributed to high academia jobs. In another study, which shared authors with the above, published in the American Economic Review found that a large and persistent increase in the minimum wage in Hungary produced some disemployment, with the large majority of additional cost being passed on to consumers. The authors also found that firms began substituting capital for labor over time. A 2013 study published in

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2200-405: A two-sector market, where "the self-employed, service workers, and farm workers are typically excluded from minimum-wage coverage ... [and with] one sector with minimum-wage coverage and the other without it [and possible mobility between the two]," is the basis for better analysis. Through this model, Fields shows the typical theoretical argument to be ambiguous and says "the predictions derived from

2300-561: A wage ceiling. Subsequent amendments to the ordinance, such as the Statute of Labourers (1351), increased the penalties for paying a wage above the set rates. While the laws governing wages initially set a ceiling on compensation, they were eventually used to set a living wage . An amendment to the Statute of Labourers in 1389 effectively fixed wages to the price of food. As time passed, the Justice of

2400-775: Is a decreasing function of the minimum wage w {\displaystyle w} , and so is the job finding rate α = θ m ( θ ) {\displaystyle \alpha =\theta m(\theta )} . A hike in the minimum wage degrades the profitability of a job, so firms post fewer vacancies and the job finding rate falls off. Now let's rewrite r V u {\displaystyle rV_{u}} to be: r V u = ( r + q ) z + θ m ( θ ) w r + q + θ m ( θ ) {\displaystyle rV_{u}={(r+q)z+\theta m(\theta )w \over {r+q+\theta m(\theta )}}} Using

2500-410: Is already at or below the minimum wage, whereas in higher skill labor markets the equilibrium wage is too high for a change in minimum wage to affect employment. The supply and demand model predicts that raising the minimum wage helps workers whose wages are raised, and hurts people who are not hired (or lose their jobs) when companies cut back on employment. But proponents of the minimum wage hold that

2600-413: Is because a greater number of people are willing to work at the higher wage while a smaller number of jobs will be available at the higher wage. Companies can be more selective in those whom they employ thus the least skilled and least experienced will typically be excluded. An imposition or increase of a minimum wage will generally only affect employment in the low-skill labor market, as the equilibrium wage

2700-454: Is because labor markets are monopsonistic and workers persistently lack bargaining power . When poorer workers have more to spend it stimulates effective aggregate demand for goods and services. The argument that a minimum wage decreases employment is based on a simple supply and demand model of the labor market. A number of economists, such as Pierangelo Garegnani , Robert L. Vienneau, and Arrigo Opocher and Ian Steedman , building on

2800-455: Is detrimental to employment and increases the unemployment rate. Economists disagree as to the measurable impact of minimum wages in practice. This disagreement usually takes the form of competing empirical tests of the elasticities of supply and demand in labor markets and the degree to which markets differ from the efficiency that models of perfect competition predict. Economists have done empirical studies on different aspects of

2900-400: Is forced to increase wages, management can pass on the increase in wage to consumers in the form of higher prices. Since demand for the product is highly inelastic, consumers continue to buy the product at the higher price and so the manager is not forced to lay off workers. Economist Paul Krugman argues this explanation neglects to explain why the firm was not charging this higher price absent

3000-471: Is known as the tipped minimum wage ), $ 16.28 per hour in the U.S. state of Washington , or £11.44 (for those aged 21+) in the United Kingdom —but also in terms of which pay period (for example Russia and China set monthly minimum wages) or the scope of coverage. Currently the United States federal minimum wage is $ 7.25 per hour, though most states have a higher minimum wage. However, some states do not have

3100-413: Is not set too high, could thus boost pay with no ill effects on jobs....America's federal minimum wage, at 38% of median income , is one of the rich world's lowest. Some studies find no harm to employment from federal or state minimum wages, others see a small one, but none finds any serious damage. ... High minimum wages, however, particularly in rigid labour markets, do appear to hit employment. France has

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3200-715: Is rarely implemented, even by contractors of government agencies. In Mumbai , as of 2017, the minimum wage was Rs. 348/day. India also has one of the most complicated systems with more than 1,200 minimum wage rates depending on the geographical region. Customs, tight labor markets, and extra-legal pressures from governments or labor unions can each produce a de facto minimum wage. So can international public opinion, by pressuring multinational companies to pay Third World workers wages usually found in more industrialized countries. The latter situation in Southeast Asia and Latin America

3300-488: Is the elasticity of the matching function: η ( θ ) = − θ m ′ ( θ ) m ( θ ) ≡ − θ d d θ log ⁡ m ( θ ) {\displaystyle \eta (\theta )=-\theta {m'(\theta ) \over {m(\theta )}}\equiv -\theta {d \over {d\theta }}\log m(\theta )} This result shows that

3400-685: Is the cost of a vacant job and y {\displaystyle y} is the productivity. When the free entry condition Π v = 0 {\displaystyle \Pi _{v}=0} is satisfied, these two equalities yield the following relationship between the wage w {\displaystyle w} and labor market tightness θ {\displaystyle \theta } : h m ( θ ) = y − w r + q {\displaystyle {h \over {m(\theta )}}={y-w \over {r+q}}} If w {\displaystyle w} represents

3500-418: Is the optimal search effort. This implies that a wage increase drives up job search effort and, therefore, the job finding rate. Additionally, the unemployment rate u {\displaystyle u} at equilibrium is given by: u = q q + α ϵ {\displaystyle u={q \over {q+\alpha \epsilon }}} A hike in the wage, which increases

3600-421: Is therefore shown as a line moving down and to the right. Since higher wages increase the quantity supplied, the supply of labor curve is upward sloping, and is shown as a line moving up and to the right. If no minimum wage is in place, wages will adjust until the quantity of labor demanded is equal to quantity supplied, reaching equilibrium , where the supply and demand curves intersect. Minimum wage behaves as

3700-515: The Hollywood blacklist , the AEA refused to participate. Although its constitution guaranteed its members the right to refuse to work alongside Communists , or a member of a Communist front organization, the AEA did not ban any members. At a 1997 ceremony commemorating the blacklist's 50th anniversary, Richard Masur , then president of the Screen Actors Guild, apologized for its participation in

3800-523: The Ordinance of Labourers (1349), which was a decree by King Edward III that set a maximum wage for laborers in medieval England . Edward, who was a wealthy landowner, was dependent, like his lords, on serfs to work the land. In the autumn of 1348, the Black Plague reached England and decimated the population. The severe shortage of labor caused wages to soar and encouraged King Edward III to set

3900-505: The Science Direct journal agrees with the studies above as it describes that there is not a significant employment change due to increases in minimum wage. The study illustrates that there is not a-lot of national generalisability for minimum wage effects, studies done on one country often get generalised to others. Effect on employment can be low from minimum-wage policies, but these policies can also benefit welfare and poverty. In 1992,

4000-426: The cost of labor , companies often try to avoid minimum wage laws by using gig workers , by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions . Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as

4100-417: The AEA's jurisdiction. [REDACTED] Media related to Actors' Equity Association at Wikimedia Commons Minimum wage A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase

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4200-515: The Earned Income Tax Credit (EITC) in the United States, may be more effective in addressing poverty. The effectiveness of minimum wage policies in reducing income inequality and poverty remains a subject of ongoing debate and research. According to the supply and demand model of the labor market shown in many economics textbooks, increasing the minimum wage decreases the employment of minimum-wage workers. One such textbook states: If

4300-598: The European Union, 21 out of 27 member states currently have national minimum wages. Other countries, such as Sweden, Finland, Denmark, Switzerland, Austria, and Italy, have no minimum wage laws, but rely on employer groups and trade unions to set minimum earnings through collective bargaining. Minimum wage rates vary greatly across many different jurisdictions, not only in setting a particular amount of money—for example $ 7.25 per hour ($ 14,500 per year) under certain US state laws (or $ 2.13 for employees who receive tips, which

4400-551: The National High School Musical Theater Awards (the "Jimmys"). The theatre has garnered favorable press from such theatrical writers as Peter Filichia and Robert Osborne . The theatre's current annual budget is just over three million dollars. It has received local and state awards for excellence. Music Theatre Wichita is the highest subscribed non-profit arts organization in the state of Kansas. The 2001 production of Honk! by Music Theater Wichita

4500-765: The Peace , who was charged with setting the maximum wage, also began to set formal minimum wages. The practice was eventually formalized with the passage of the Act Fixing a Minimum Wage in 1604 by King James I for workers in the textile industry. By the early 19th century, the Statutes of Labourers was repealed as the increasingly capitalistic United Kingdom embraced laissez-faire policies which disfavored regulations of wages (whether upper or lower limits). The subsequent 19th century saw significant labor unrest affect many industrial nations. As trade unions were decriminalized during

4600-587: The Rain was revised at Music Theatre Wichita in 1992, with the most notable addition being an expanded version of the "Broadway Ballet". This version was recorded by John Yap for TER / Jay Records. Performing artists who spent summers at Music Theatre Wichita include: Actors Equity The Actors' Equity Association ( AEA ), commonly called Actors' Equity or simply Equity , is an American labor union representing those who work in live theatrical performance. Performers appearing in live stage productions without

4700-550: The ban, saying: "Only our sister union, Actors' Equity Association, had the courage to stand behind its members and help them continue their creative lives in the theater. For that, we honor Actors' Equity tonight." In the 1960s, the AEA played a role in gaining public funding for the arts, including the founding of the National Endowment for the Arts (NEA). The AEA fought the destruction of historic Broadway theaters . It played

4800-518: The benefits and drawbacks of a minimum wage. Additionally, minimum wage policies can be implemented through various methods, such as directly legislating specific wage rates, setting a formula that adjusts the minimum wage based on economic indicators, or having wage boards that determine minimum wages in consultation with representatives from employers, employees, and the government. Supply and demand models suggest that there may be employment losses from minimum wages; however, minimum wages can increase

4900-651: The century, attempts to control wages through collective agreement were made. It was not until the 1890s that the first modern legislative attempts to regulate minimum wages were seen in New Zealand and Australia. The movement for a minimum wage was initially focused on stopping sweatshop labor and controlling the proliferation of sweatshops in manufacturing industries. The sweatshops employed large numbers of women and young workers, paying them what were considered to be substandard wages. The sweatshop owners were thought to have unfair bargaining power over their employees, and

5000-684: The company recorded the first full cast album. Sets and costumes for many of the MTWichita shows have become popular for other productions in North America. The theatre's youth-oriented initiatives include an apprentice program, an intern program, a Teen Choir, and the Jester Awards, annually saluting excellence in high school musical theatre production in south central Kansas. Beginning in June 2009, two Jester recipients have been sent each year to New York for

5100-606: The cost of living, regional economic conditions, and industry-specific factors. The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops , by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand in 1894. Although minimum wage laws are now in effect in many jurisdictions, differences of opinion exist about

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5200-573: The discounted utilities are given by: r V e = w + q ( V u − V e ) r V u = max ϵ z − φ ( ϵ ) + α ϵ ( V e − V u ) {\displaystyle {\begin{aligned}rV_{e}&=w+q(V_{u}-V_{e})\\rV_{u}&=\max _{\epsilon }\;z-\varphi (\epsilon )+\alpha \epsilon (V_{e}-V_{u})\end{aligned}}} Therefore,

5300-474: The efficiency of the labor market in monopsony scenarios, where individual employers have a degree of wage-setting power over the market as a whole. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty , reduces inequality, and boosts morale. In contrast, opponents of the minimum wage say it increases poverty and unemployment because some low-wage workers "will be unable to find work ... [and] will be pushed into

5400-1153: The expected utility of the job holder and the expected utility of the job seeker grows. In fact, this difference actually grows with the wage. To see this, take the difference of the two discounted utilities to find: ( r + q ) ( V e − V u ) = w − max ϵ [ z − φ ( ϵ ) + α ϵ ( V e − V u ) ] {\displaystyle (r+q)(V_{e}-V_{u})=w-\max _{\epsilon }\left[z-\varphi (\epsilon )+\alpha \epsilon (V_{e}-V_{u})\right]} Then differentiating with respect to w {\displaystyle w} and rearranging gives us: d d w ( V e − V u ) = 1 r + q + α ϵ ∗ > 0 {\displaystyle {d \over {dw}}(V_{e}-V_{u})={1 \over {r+q+\alpha \epsilon ^{*}}}>0} where ϵ ∗ {\displaystyle \epsilon ^{*}}

5500-546: The expected utility of unemployed workers is maximized when the minimum wage is set at a level that corresponds to the wage level of the decentralized economy in which the bargaining power parameter is equal to the elasticity η ( θ ) {\displaystyle \eta (\theta )} .  The level of the negotiated wage is w ∗ {\displaystyle w^{*}} . If w < w ∗ {\displaystyle w<w^{*}} , then an increase in

5600-762: The first Actors Union Charter was recognized by the American Federation of Labor as an attempt to create a minimum wage for actors being exploited. It was not until January 13, 1913, that the Union Charter failed. It later reemerged as the Actors Equity Association, with more than 111 actors and Francis Wilson as its founding board president. At a meeting held at the Pabst Grand Circle Hotel in New York City, on May 26, 1913, Actors' Equity

5700-474: The five years subsequent to the wage increase. However, it did find disemployment in 'tradable' sectors, defined as those sectors most reliant on entry-level or low-skilled labor. A 2018 study published by the university of California agrees with the study in the Quarterly Journal of Economics and discusses how minimum wages actually cause fewer jobs for low-skilled workers. Within the article it discusses

5800-603: The government recognition of unions which in turn established minimum wage policy among their members, as in New Zealand in 1894 , followed by Australia in 1896 and the United Kingdom in 1909 . In the United States, statutory minimum wages were first introduced nationally in 1938 , and they were reintroduced and expanded in the United Kingdom in 1998 . There is now legislation or binding collective bargaining regarding minimum wage in more than 90 percent of all countries. In

5900-530: The increase is too small to matter. He admits that he does not know if these are correct, but argues that "the list demonstrates that one can accept the new empirical findings and still be a card-carrying economist." The following mathematical models are more quantitative in orientation, and highlight some of the difficulties in determining the impact of the minimum wage on labor market outcomes. Specifically, these models focus on labor markets with frictions and may result in positive or negative outcomes from raising

6000-717: The job finding rate. The profits Π e {\displaystyle \Pi _{e}} and Π v {\displaystyle \Pi _{v}} expected from a filled job and a vacant one are: r Π e = y − w + q ( Π v − Π e ) , r Π v = − h + m ( θ ) ( Π e − Π v ) {\displaystyle r\Pi _{e}=y-w+q(\Pi _{v}-\Pi _{e}),\quad r\Pi _{v}=-h+m(\theta )(\Pi _{e}-\Pi _{v})} where h {\displaystyle h}

6100-522: The labor market tightness, it follows that: [ 1 − η ( θ ) ] ( y − z ) r + q + η ( θ ) θ m ( θ ) = h m ( θ ) {\displaystyle {[1-\eta (\theta )](y-z) \over {r+q+\eta (\theta )\theta m(\theta )}}={h \over {m(\theta )}}} where η ( θ ) {\displaystyle \eta (\theta )}

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6200-756: The labor market. In the basic search and matching model , the expected utility of unemployed persons V u {\displaystyle V_{u}} and that of employed persons V e {\displaystyle V_{e}} are defined by: r V e = w + q ( V u − V e ) r V u = z + θ m ( θ ) ( V e − V u ) {\displaystyle {\begin{aligned}rV_{e}&=w+q(V_{u}-V_{e})\\rV_{u}&=z+\theta m(\theta )(V_{e}-V_{u})\end{aligned}}} Let w {\displaystyle w} be

6300-469: The loss of their jobs. The theater strikes combined with freelance contracts fueled the need for actors and stagehands to strike for better working conditions and pay. Frank Gillmore , the head and treasurer of the Actor's Equity Association, understood that he would need multiple unions across the country to make a change not only in proper representation and pay, but in actors' ability to negotiate any contract

6400-754: The minimum wage can help reduce income disparities, enabling low-income workers to afford basic necessities and contribute to the overall economy. Higher minimum wages may also have a ripple effect, pushing up wages for those earning slightly above the minimum wage. However, opponents contend that minimum wage increases can lead to job losses, particularly for low-skilled and entry-level workers, as businesses may be unable to afford higher labor costs and may respond by cutting jobs or hours. They also argue that minimum wage increases may not effectively target those living in poverty, as many minimum wage earners are secondary earners in households with higher incomes. Some studies suggest that targeted income support programs, such as

6500-596: The minimum wage in New Jersey increased from $ 4.25 to $ 5.05 per hour (an 18.8% increase), while in the adjacent state of Pennsylvania it remained at $ 4.25. David Card and Alan Krueger gathered information on fast food restaurants in New Jersey and eastern Pennsylvania in an attempt to see what effect this increase had on employment within New Jersey via a Difference in differences model. A basic supply and demand model predicts that relative employment should have decreased in New Jersey. Card and Krueger surveyed employers before

6600-418: The minimum wage increases participation and the unemployment rate, with an ambiguous impact on employment. When the bargaining power of workers is less than η ( θ ) {\displaystyle \eta (\theta )} , an increase in the minimum wage improves the welfare of the unemployed – this suggests that minimum wage hikes can improve labor market efficiency, at least up to

6700-411: The minimum wage was declining, because it had not increased since 1981. She found that a 10% increase in the minimum wage decreased the absolute teenage employment by 0.6%, with no effect on the teen or young adult unemployment rates. Some research suggests that the unemployment effects of small minimum wage increases are dominated by other factors. In Florida, where voters approved an increase in 2004,

6800-420: The minimum wage, depending on the circumstances. Assume that the decision to participate in the labor market results from a trade-off between being an unemployed job seeker and not participating at all. All individuals whose expected utility outside the labor market is less than the expected utility of an unemployed person V u {\displaystyle V_{u}} decide to participate in

6900-480: The minimum wage, including: Until the mid-1990s, a general consensus existed among economists–both conservative and liberal–that the minimum wage reduced employment, especially among younger and low-skill workers. In addition to the basic supply-demand intuition, there were a number of empirical studies that supported this view. For example, Edward Gramlich in 1976 found that many of the benefits went to higher income families, and that teenagers were made worse off by

7000-400: The minimum wage. Three other possible reasons minimum wages do not affect employment were suggested by Alan Blinder : higher wages may reduce turnover , and hence training costs; raising the minimum wage may "render moot" the potential problem of recruiting workers at a higher wage than current workers; and minimum wage workers might represent such a small proportion of a business' cost that

7100-514: The minimum, will enjoy higher wages. Others, particularly those with the lowest prelegislation wage rates, will be unable to find work. They will be pushed into the ranks of the unemployed. A firm's cost is an increasing function of the wage rate. The higher the wage rate, the fewer hours an employer will demand of employees. This is because, as the wage rate rises, it becomes more expensive for firms to hire workers and so firms hire fewer workers (or hire them for fewer hours). The demand of labor curve

7200-488: The movie stage under better conditions, but this was the least of its problems. In late December, groups of theater owners and non-represented producers filed lawsuits to claim damages from the AEA's contract holdout. "The plaintiffs not only seek a temporary injunction against the defendants, pending trial on an order to show cause why a permanent injunction should not be granted, but also ask damages of $ 100,000." The AEA allowed small numbers of contracts to be negotiated over

7300-427: The new statutory minimum wage, or slightly more. Among workers and their representatives, political considerations weigh in as labor leaders seek to win support by demanding the highest possible rate. Other concerns include purchasing power , inflation indexing and standardized working hours. Minimum wage policies have been debated for their impact on income inequality and poverty levels. Proponents argue that raising

7400-557: The next few years. In 1933, the Screen Actors Guild was created and took the AEA's place as the main representative for movie actors and producers. This allowed the AEA to focus on live productions, such as theatrical performances, while the Screen Actors Guild focused on movie production and non-scripted live performances, such as minstrel, vaudeville, and live radio shows. In the 1940s, the AEA stood against segregation . When actors were losing jobs through 1950s McCarthyism and

7500-462: The number and trend of bankruptcies; economic freedom rankings; standards of living and the prevailing average wage rate. In the business sector, concerns include the expected increased cost of doing business, threats to profitability, rising levels of unemployment (and subsequent higher government expenditure on welfare benefits raising tax rates), and the possible knock-on effects to the wages of more experienced workers who might already be earning

7600-424: The optimal level being equal to the marginal product of labor . This view emphasizes the role of minimum wages as a market regulation policy akin to antitrust policies, as opposed to an illusory " free lunch " for low-wage workers. Another reason minimum wage may not affect employment in certain industries is that the demand for the product the employees produce is highly inelastic . For example, if management

7700-405: The optimal search effort is such that the marginal cost of performing the search is equation to the marginal return: φ ′ ( ϵ ) = α ( V e − V u ) {\displaystyle \varphi '(\epsilon )=\alpha (V_{e}-V_{u})} This implies that the optimal search effort increases as the difference between

7800-494: The point when bargaining power equals η ( θ ) {\displaystyle \eta (\theta )} . On the other hand, if w ≥ w ∗ {\displaystyle w\geq w^{*}} , any increases in the minimum wage entails a decline in labor market participation and an increase in unemployment. In the model just presented, the minimum wage always increases unemployment. This result does not necessarily hold when

7900-426: The policy of increased labor market flexibility , including the reduction of minimum wages, does not have an "intellectually coherent" argument in economic theory. Gary Fields, Professor of Labor Economics and Economics at Cornell University , argues that the standard textbook model for the minimum wage is ambiguous, and that the standard theoretical arguments incorrectly measure only a one-sector market. Fields says

8000-429: The ranks of the unemployed". "It is a serious national evil that any class of his Majesty's subjects should receive less than a living wage in return for their utmost exertions. It was formerly supposed that the working of the laws of supply and demand would naturally regulate or eliminate that evil ... [and] ... ultimately produce a fair price. Where ... you have a powerful organisation on both sides ... there you have

8100-591: The relationship between the wage and labor market tightness to eliminate the wage from the last equation gives us: r V u = θ m ( θ ) y + ( r + q ) z − θ ( r + q ) h r + q + θ m ( θ ) {\displaystyle rV_{u}={\theta m(\theta )y+(r+q)z-\theta (r+q)h \over {r+q+\theta m(\theta )}}} By maximizing r V u {\displaystyle rV_{u}} in this equation, with respect to

8200-401: The resident performing company. Five large-scale musicals are produced in-house each summer, during a 10-week period, with performances taking place from Wednesday to Sunday every other week. In its four decades of operation, the repertoire has included a world premiere (the revised version of the collegiate musical Good News! in 1993) and regional premieres, including Honk! , for which

8300-408: The rich world's highest wage floor, at more than 60% of the median for adults and a far bigger fraction of the typical wage for the young. This helps explain why France also has shockingly high rates of youth unemployment: 26% for 15- to 24-year-olds." A 2019 study in the Quarterly Journal of Economics found that minimum wage increases did not have an impact on the overall number of low-wage jobs in

8400-417: The search effort and the job finding rate, decreases the unemployment rate. So it is possible that a hike in the minimum wage may , by boosting the search effort of job seekers, boost employment. Taken in sum with the previous section, the minimum wage in labor markets with frictions can improve employment and decrease the unemployment rate when it is sufficiently low. However, a high minimum wage

8500-432: The search effort of workers is endogenous . Consider a model where the intensity of the job search is designated by the scalar ϵ {\displaystyle \epsilon } , which can be interpreted as the amount of time and/or intensity of the effort devoted to search. Assume that the arrival rate of job offers is α ϵ {\displaystyle \alpha \epsilon } and that

8600-533: The simple supply and demand diagram, it was commonly found that teenagers withdrew from the labor force in response to the minimum wage, which produced the possibility of equal reductions in the supply as well as the demand for labor at a higher minimum wage and hence no impact on the unemployment rate. Using a variety of specifications of the employment and unemployment equations (using ordinary least squares vs. generalized least squares regression procedures , and linear vs. logarithmic specifications), they found that

8700-402: The situation is much more complicated than the model can account for. One complicating factor is possible monopsony in the labor market, whereby the individual employer has some market power in determining wages paid. Thus it is at least theoretically possible that the minimum wage may boost employment. Though single employer market power is unlikely to exist in most labor markets in the sense of

8800-432: The textbook model definitely do not carry over to the two-sector case. Therefore, since a non-covered sector exists nearly everywhere, the predictions of the textbook model simply cannot be relied on." An alternate view of the labor market has low-wage labor markets characterized as monopsonistic competition wherein buyers (employers) have significantly more market power than do sellers (workers). This monopsony could be

8900-435: The traditional ' company town ,' asymmetric information, imperfect mobility, and the personal element of the labor transaction give some degree of wage-setting power to most firms. Modern economic theory predicts that although an excessive minimum wage may raise unemployment as it fixes a price above most demand for labor, a minimum wage at a more reasonable level can increase employment, and enhance growth and efficiency. This

9000-430: The unemployment associated with the minimum wage. Brown et al. (1983) noted that time series studies to that point had found that for a 10 percent increase in the minimum wage, there was a decrease in teenage employment of 1–3 percent. However, the studies found wider variation, from 0 to over 3 percent, in their estimates for the effect on teenage unemployment (teenagers without a job and looking for one). In contrast to

9100-505: The union to theatre workers who had not previously worked for Equity employers. Theatre workers need to provide a copy of their contract and proof of pay. This policy was made permanent in 2023, superseding previous methods for earning eligibility to join Equity such as the Equity Membership Candidate (EMC) program. Asides from Open Access, theatre workers may join Equity by being employed under an Equity contract, or by being

9200-433: The wage distribution is degenerated to a single wage w {\displaystyle w} . Denote φ ( ϵ ) {\displaystyle \varphi (\epsilon )} to be the cost arising from the search effort, with φ ′ > 0 , φ ″ > 0 {\displaystyle \varphi '>0,\;\varphi ''>0} . Then

9300-432: The wage, r {\displaystyle r} the interest rate, z {\displaystyle z} the instantaneous income of unemployed persons, q {\displaystyle q} the exogenous job destruction rate, θ {\displaystyle \theta } the labor market tightness, and θ m ( θ ) {\displaystyle \theta m(\theta )}

9400-428: The work of Piero Sraffa , argue that that model, even given all its assumptions, is logically incoherent. Michael Anyadike-Danes and Wynne Godley argue, based on simulation results, that little of the empirical work done with the textbook model constitutes a potentially falsifiable theory , and consequently empirical evidence hardly exists for that model. Graham White argues, partially on the basis of Sraffianism, that

9500-508: Was founded by 112 professional theater actors, who established its constitution and elected Francis Wilson as president. Leading up to the association's establishment, a handful of influential actors—known as The Players—held secret organizational meetings at Edwin Booth's The Players at its Gramercy Park mansion. A bronze plaque commemorates the room in which The Players met to establish Actors' Equity. Members included Frank Gillmore , who from

9600-586: Was founded during the strike. Equity represented directors and choreographers until 1959, when they broke away and formed their own union . The Actors Equality Strike was a series of walkouts that started in 1927 in local theaters in Los Angeles and quickly grew to the motion picture stage. During the nationwide walkouts, the Academy of Motion Picture Arts and Sciences started issuing contracts to freelance film actors, which led Hollywood's actors and actresses to fear

9700-455: Was notable for providing the first American recording of the show. The 1993 revised version of DeSylva, Brown and Henderson's Good News! was preserved by John Yap in a 1995 studio recording, featuring MTW cast members. Producing artistic director Wayne Bryan, who had performed the role in the 1974 Broadway revival, co-authored the new adaptation with Mark Madama. The show's new arrangements were created and conducted by Craig Barna. Singin' in

9800-462: Was pointed out that while the Equality regulations were in effect, about 2000 motion picture contracts, involving salaries said to amount to $ 500,000 were offered to actors in New York." Any actor who entered into a contract not approved by the AEA would be banished from the union and have to reapply for admission after negotiations were finished. By December 1929, the AEA was negotiating terms to reset

9900-595: Was publicized in the 2000s, but it existed with companies in West Africa in the middle of the 20th century. Among the indicators that might be used to establish an initial minimum wage rate are ones that minimize the loss of jobs while preserving international competitiveness. Among these are general economic conditions as measured by real and nominal gross domestic product; inflation; labor supply and demand; wage levels, distribution and differentials; employment terms; productivity growth; labor costs; business operating costs;

10000-597: Was the executive secretary of Actors' Equity from 1918 to 1929 and president from 1929 to 1937. Actors' Equity joined the American Federation of Labor in 1919, and called a strike seeking recognition as a labor union. The strike ended the dominance of the Producing Managers' Association , including theater owners and producers like Abe Erlanger and his partner, Mark Klaw . The strike increased membership from under 3,000 to approximately 14,000. The Chorus Equity Association , which merged with Actors' Equity in 1955,

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