Labor economics

Should Minimum Wage go up? Do you think minimum wage should go up or should it stay the same? Everyone has mixed feelings about this topic and if it minimum wage should go up or not. In this essay I will be talking about the pros and the cons of minimum wage as a hole. To me it depends on the situation for the pay of minimum wage, if it should go up or not. There are some real world examples and stories that help determine the pay of minimum wage. Some examples of why minimum wage should not go…

The discussion around a higher minimum wage has brought up quite a few arguments for and against the proposal. I personally see this change as being detrimental to so many different groups. The first problem is that the demand for jobs is going to be super high and there will be a shortage, meaning the quantity demand exceeds the quantity supplied. Another term for this is excess demand. The group that will be affected the biggest is the teen and youth groups. This is because employers are going…

According to the census data 14.2% of women ages 18 to 64 were living in poverty, compared with the 10.5% of men in that age range (Disis, 2016). If our government could accommodate equal pay, then the poverty line would decrease creating more economic growth in the long…

The United States government should not raise the federal minimum wage to $15 an hour. In the article, “A new dawn for the minimum wage,” by Don Lee he states, when the wage went up, the prices for a variety of items had also risen. This quote shows how if minimum wage goes up, prices will go up too. If the prices for items go up, then everything will be expensive. This is why the United States should not raise minimum wage to $15. If the United States raises minimum wage to $15 then workers…

The minimum wage policy will cause more negative effects on people. Some people argue that minimum wage policy increases workers' productivity since the higher wage makes people more willing to find jobs and stay at their job positions. However, it will also create dead weight loss and inefficiency. Based on the graph shown below, minimum wage is set above market equilibrium price, functioning as price floor. Since the current wage is higher, employers that are willing to hire workers at a lower…

In the article “The Effects of Minimum Wage on Employment”, David Neumark displays the two consequences of increasing the federal minimum wage limit. He explains that teens and young adults will be the most affected if the minimum wage limit rises. He also clarifies that job losses will be inevitable and there would be a large amount of unemployed people in the United States. The results from this decision affects not only the workers, but the consumers as well. The increase of the federal…

Outline the various types of income an individual can earn. Income is the money an individual gains from different sources to pay for things. Income that is not spent is kept and collected as savings. Working for wages or a salary - Wages are best connected with employee compensation based on the amount of hours worked multiplied by an hourly rate of pay. A salary is paid by your employer. A salary is best corresponded with employee payment given and quoted on an annual basis. The positives of…

mechanism of the system, which could be harmful. The third conundrum is the Targeting-Isolation Conundrum. Ellwood argues that the goal of the policy is to target the more people in need but people being targeted may feel isolated from the politics and economic mainstream. I think all of them are pretty salient but…

Geoffrey Stillwell Professor Liibs ENGL 1113 Section 336 11 September 2017 Summary Rough Draft Rex Huppke explains in his article “In the Minimum Wage Debate, Both Sides Make Valid Points” that the issue on raising the minimum wage is not as simple as it seems. The nation is divided between raising the minimum wage or not, and at the beginning Huppke was all in favor of it. That was, however, until he did more research on the topic. There are some cons to raising the minimum wage that could…

while opponents argue further economic and social complications could arise. Even though both sides of the argument can be justified, it appears an increase in the minimum wage will do more harm than good for the economy. Poverty, inflation and unemployment are three major aspects associated with minimum wage. Both sides of the minimum wage debate have evaluated the impact raising the minimum wage would have on these specific elements of the…