Study on Public Choice Model of Minimum Wage Guarantee System in Our Country

Abstract

The public choice mode of minimum wage guarantee
system directly affects the operational efficiency of
the system. This paper first builds up the theoretical
framework of the analysis of the public choice mode in minimum wage guarantee system from three aspects: the major players of the public choice in minimum wage system and their preferences, the “political market” of the public choice in minimum wage system and the normative principles of the public choice in minimum wage system. Referring to the normative principles in the public choice
process in minimum wage system, this paper analyzes the inefficiency of the public choice in the minimum wage system in China during the period with economy in transition from three areas: the primary political market, policy supply market and policy implementation market. On this basis, this paper based on China’s political system, starting from the current situation of economic transition, proposes hearing-based public choice transition mode in minimum wage system.