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Albeit individuals in history may have survived the trading of merchandise and not depending on the
worth of money itself, current culture today couldn't work without money. This is because their living
expenses would be just too much. Nonetheless, questions abound as to whether the statutory
minimum wage settings do have any profound effect on the same. Secondly, although costs may rise,
the minimum wage does increase disposable income of poorest workers. Our country will see the
economic prosperity that it’s been searching for. If increasing the minimum wage benefits one portion
of the population but harms another portion of the population, it is not an advantageous measure for
the people of the United States as a whole. The first minimum wage laws were enacted in New
Zealand in 1894 but did not come to the United States until 1938. This is especially true since
studies have shown, that the gap has grown between the wealthier population, and the middle class.
Since its introduction, it has been changed several times by Congress. By increasing the minimum
wage, the economy will be lifted, the bond with the government assistance will be broken, and the
amount of consumer spending will increase. Most small companies do not have the financial means
to pay their employees higher amounts of money. These issues still haven’t progressed, and tiny has
been done to endeavour to settle this treacherous all-time low pay permissible by law have to be
compelled to be inexpensive that first up was in many countries it absolute is not for the stop I trust
that this feature is anticipated for growth. This means it should explore... Also it should diversify
into new segments with new products. When analyzing the totality of economic effects, it is clear
that increasing the minimum wage causes a host of economic issues, one leading to the next, and
overall only causing more trouble for the minimum wage worker. Analysis conducted by Dr. David
Green, a former chair of the Vancouver school of economics in BC, suggests otherwise. The above
theory might be true in theoretical terms, but in practical terms, it may not be so. Just click on the
Order button, provide details, and pay for essay when you are ready. Businesses should not be
selfish and take all the money because they do not necessarily need it as much as low paid workers
do. Studies show that a moderate increase in salary doesn’t affect employment, but a high increase
might cause a state within the country. I am sure that it can take a toll on someones pride, when they
need the governments assistance to take care of their family, and raising the wages and cutting back
on the assistance could really help this issue. Meaning the wage isn't even enough for a family of two
or three children. Tejvan Pettinger studied PPE at LMH, Oxford University. This can have benefits,
such as greater efficiency, but if we had a society dominated by robots, this would have negative
social and emotional effects. If minimum wage is increased, it will allow low paid workers to not
have to worry about whether or not they will be able to provide for themselves and their families.
Raising wages could hurt many businesses and force companies to close. The basis behind a living
wage idea is that the people working within the communities should be in a position that will allow
them to be able to raise their families well and be able to live decently with the amount that they
earn. I trust that the time has come back to bring all-time low pay permissible by law up all told
condition of us. This is harmful for the overall United States economy as lower employment rates
stifle business growth and inputs into the economy. The support for national minimum wage has
always been phenomenally high. He even wraps up his argument with a simple economics principle.
A minimum-wage boost could improve employee morale so that businesses can improve productivity
and help keep turnover rates down. While the minimum wage does not increase as fast as the
inflation rate reduces the value for the dollar, the firms that sell products and services to the
consumers increase the prices of their products as soon as the inflation rate has reached a significant
level to affect their bottom-line. When we increase the minimum wages for less skilled worker, it
means that we have started appreciating them, and it would be part of rewarding and respecting the
dignity they deserve. According to studies completed by Ohio State University, “researchers
examined national crime rates between 1979 and 1997 and found that much of the increase in crime
during that period can be explained by falling wages and rising unemployment among men without
college educations (Ohio State News, 2002). Increasing the minimum wage is an example of such a
measure. Some people may feel bad for what the kids went through and some simply don’t care. I
agree with this, and think that if minimum wage goes up there also needs to be an increase in wages
other professions. It’s okay not to care but it should at least make you wonder and feel concerned
about it. Raising the minimum wage is not simply a magic tool to increasing the condition of living
for the lower classes in a country; it actually works against that as it brings down the condition of
living even further for those who become unemployed. Analyze this data critically, considering
different perspectives and the quality of the evidence. Georgetown is in Ward 2, where the
unemployment rate is below 5 percent. Thus, they prefer working under the minimum wage plan
because they lack the productivity which can command higher pay from their employers (Autor 11).
A minimum wage could (in theory!) lead to restaurants employing robots to take out food, but then
we miss out on the personal interaction with humans. A few reasons could be having a record as a
teenager, disabilities, and people being in a situation where they can’t wait for employment, they
must take what they can get. The COH is the curator of the Homeless Hub. About Us. Discussions
could extend to the real-world examples of minimum wage implementations, comparing the
outcomes in different regions or countries, and analyzing the broader implications of minimum wage
policies on economic welfare and social equity. In the United States, the provisions of the federal
minimum wage are enshrined in the Fair Labor Standards Act. As stated before, he claims that he has
done a lot of research into the timeline of minimum wage and can predict not fully, but a good idea
of how it would affect the economy of the United States. You can use essay samples to find ideas
and inspiration for your paper. Both hold certain characteristics that make them special to different
individuals. It is better for an organization to have more committed workers to increase its efficiency
and productivity rather than having a huge workforce of unskilled or cheaper labours. Raising wages
would help these families so that their children may not have to work therefore they could spend
more time focusing on school. Helpful Professor. Search for a Study Guide Search Ready to Write
your Essay. These maluses can very quickly overtake any improvements in quality of life that a
higher minimum wage brings. Minimum wage is lowest wage legally permitted in an industry or in a
government or other organization. This topic is an exceptionally important to me, considering I am
working with a minimum wage salary at a medical clinic. This will not cause a large percent and
over-inflation to occur within the country. This people will have satisfaction and dignity of buying
their own food. A minimum wage is the lowest amount of money per hour that the government of the
country assigns employers to pay their employees. Those who cannot afford life in large cities often
paradoxically cannot afford a higher paying job.
To conclude, there is no point in arguing against minimum wages. We also need to create a wage
structure that incentivizes people to get off the government dole and get a job. Using basic economic
principles, it is safe to conclude that as the prices of products increases, fewer items will be sold as
the price will deter consumers. Your conclusion should bring together your analysis and offer a final
perspective on the topic. If Labor gets costlier, however, companies could also be additionally
inclined to take a position in the capital. This paper will discuss the growth of wage inequality in the
united states as compared to other similar economies. Ensure that your arguments are clearly
articulated and supported by evidence. Secondly, he shows that the American minimum wage is so
much lower in comparison to the other first world nations like those in Europe and in Australia. This
is 100% legal. You may not submit downloaded papers as your own, that is cheating. Also you. This
is very well known in the fast-food industry, where computers replace employees that normally take
orders (Wolfram). In the United States, many people are greatly affected by the federal minimum
wage. To cover the welfare costs incurred to aid low wage employees who have families. On a
whole, businesses of varying sizes and capabilities will most likely look towards laying off many
workers after a minimum wage increase, as they will be unable to cope with the financial burden of
the policy. On the one hand, it is rather necessary to consider increasing the minimum age of a
driving license holder from 16 to 17. We can prepare a unique paper on Minimum Wage Essay for
you from scratch. Your thesis will guide the direction of your essay, providing a clear path for your
argument and ensuring that your essay remains focused and coherent. It increased from six dollars
and fifty five cents to seven dollars and twenty five cents (Levin-Waldman, 2001). While the
minimum wage does not increase as fast as the inflation rate reduces the value for the dollar, the
firms that sell products and services to the consumers increase the prices of their products as soon as
the inflation rate has reached a significant level to affect their bottom-line. Ultimately, increasing the
minimum wage is much more likely to negatively impact entry level workers and businesses as well
as the United States economy, and it should not be raised. For instance, if you’re arguing that
increasing the minimum wage boosts the economy, you’ll need to find economic data that supports
this claim. In the minimum wage case, neither of these hold to be true if it is increased. A bonus for
the government, raising the minimum wage they can get more people off welfare. At the macro level,
increasing the minimum wage substantially is likely to result in far-reaching effects. The effect on
unemployment can be greater in the poorest areas. With the current minimum wage, 73% of our
working population lives in poverty. (Furman) Many might assume that the majority of the minimum
wage workers are teenagers or college bound students. However, a large group is also excluded from
the laws applying to minimum wage: self-employed, voluntary workers and workers who have
citizenship from outside the United Kingdom. Education is an essential key if one is to be employed
and the cost of education has gone up drastically in the past twenty years. Some also argue that
higher minimum wages reduce teenage education levels and decrease workers' long-term earnings.
Therefore, raising the minimum wage would help bring the workers out of poverty. The truth is that
the minimum wage is a problem in the USA.
Even though the federal minimum wage hasn’t expanded since 2009, the dominant part of states has
a higher minimum wage permitted by law than required by the government. Currently welfare
reforms force more poor families to depend on their earning from low paying jobs. Automation will
be adopted by businesses in order to compensate for the mandated higher wage. The angry worker
says What bright side, I just got laid off! (Branco). By continuing, you agree to our Terms and
Conditions. Economics is all about understanding trade-offs and risks. The level of minimum wage in
this country affects many people, especially college students who rely on minimum wage while
working at. I mean definitely to some extent, nonetheless, even so, the organization sees very little to
no adjustment in creating this ride. Meaning the wage isn't even enough for a family of two or three
children. In the past inflation was eroded by increasing the minimum wage. Authorities can prescribe
separate norms of minimum wage with respect to part time and full time work. Our economy is a
major reason whether you pursue a future of prosperity or poverty. However, the consequences of
increasing the wage are evident, and they will inevitably only hurt the average minimum wage
worker. It is an accepted fact that only a satisfied worker will try to deliver more than 100% of his
efficiency. By increasing the minimum wage more than 3.6 million people will stop depending on the
food stamp rolls. Finding the perfect minimum wage that will be good for both the employee and
employer is a process and it has been an important controversial issue for many decades. This
controversy can lead to a major change in everyone’s everyday lives and boost our economy to a
period of prosperity. At first sight minimum wage seems to be helping the employees; however there
are many controversies associated with minimum wage. The common citizen wakes up early every
morning to go to work but only the country and investors benefit. And will raising minimum wage be
more beneficial or harmful in the long run. Salary is the major motivating factor for the employees
and therefore minimum wage will definitely motivate the workers more and thereby the organization
will be benefitted. “Adults who currently work for minimum wage are likely to lose jobs to
teenagers who will work for much less. Hypothetically, raising the lowest pay permitted by law
would mean more cash in the pockets of specialists. Their basic needs should be met and the pay for
minimum wage right now does not work for everyone. The advent which has been pursued in the
united Kingdom and Ireland is that the lowest wage appliance has been operated in selected
industries. By breaking the bond and rising costs of necessities such as child care, housing, and
health care gives people the ability to achieve a modest but adequate standard of living requires.
Thus, even experienced employees will be forced to work under tremendous pressure if minimum
wage law is not implemented. Minimum salary should not be increased because if it is a bunch of
new minimum wage workers would be pulled out of their jobs and would potentially put everything.
-making the so called “ attitude of cooperation ” among employers (Skidmore 1999: 435) is the low-
cost strategy for alleviating the self-enforcement of minimum wage. An author Sylvia Allegretto said,
When the minimum wage doesn’t keep pace with inflation, its power erodes, it’s worth, less and less
and less. Lower labour market turnover helps to reduce the costs of firms. These parents’ children’s
mental health is being affected by this separation.