Video on demand

Income inequality is a big issue in socioeconomics justices, as always. While the U.S total personal incomes are growth higher, the income gap is getting wider, especially for those who are making minimum wage. Among the government’s efforts to narrow the income gap, minimum wage seems the only solution. In his final State of the Union address on January 12th, 2016, President Obama has proposed and asked the Congress to raise the federal minimum wage to 10.10 dollars an hour and indexing it to…

Introduction: In this research paper I am going to be talking about minimum wage. According to our Textbook definition of minimum wage by (Miller), “minimum wage is the lowest hourly wage rate that firms may legally pay their workers. This ensures that individuals are not being under paid by companies. I chose the topic of minimum wage for a variety of reasons. Minimum wage affects many individuals in our nation and throughout the world. It affects the majority of adolescents seeking part…

Seven O’clock rolls around and I am slapping my alarm clock for that eight extra minutes. I get up and grab a cup of coffee, throw some clothes on and slam the door shut behind me hoping that I am not late to work for the second time this week. Work starts as usual, slow and unimportant, listening to people complain and waiting for orders to come so I can get my day started. I finally get the word and the day is underway, the only thing missing are the customers. It is often hard for me to…

that the free market will provide a balanced supply and demand, the massive industrial process need to be designed on a lagged basis in reaction to the market change. This is because through the massive national or even international distribution, storage, and wholesaling, the customer’s reaction to the products won’t happen until they are fully exposed to the products on the shelf. However, the companies need to anticipate the market demand before their products are even produced. This create…

schools are inferior goods, mid-range schools are normal goods until the household have enough income to pay for expensive schools - then they will become inferior goods - and expensive schools are luxury goods. The following graphs depicts how the demand of three categories of schools changes with regards to household’s annual…

Regulation Versus Government Regulation on Free Markets By: Jonathan Reams Macroeconomics 210-007 April 2, 2015 Abstract A free market economy is a market-based economy in which the prices of the goods are created by supply and demand without the interviewing of the government. America was founded on this type of economy and has been thriving ever since, with the exception of a couple of misfortunes. In this article, Free Markets: What’s the cost? , Chris Seabury…

Robert Nozick, an American philosopher born in the 1960s, explores the concept of distributive justice through a minimalist state in his work, Anarchy, State, and Utopia. A minimal state refers to a state that obtains the least amount of power possible without becoming an anarchy. Throughout Anarchy, State, and Utopia, Nozick argues that the minimal state is the only state that can be justified and will not violate people’s rights. By exploring various theories and principles such as the…

illustrate how one goes about constructing dynamic, stochastic general equilibrium models to shed light on questions of substantive economic interest. In order to test the proposition that where nominal aggregate demand shocks are highly volatile the effect of any particular nominal aggregate demand shock is less, Lucas got data on nominal and real output/ expenditure covering the years 1951-1967 for 18 countries. He then assumed that, for each country, the mean value of the growth in their…

quantity and price changes positively throughout the distribution of earnings in the 1980s, when the wage structure was spreading monotonically, and in the 1990s, when the wage structure was polarizing. These patterns suggest a central role for labor demand shifts in explaining wage structure changes of the last twenty-five years (Autor et al., 2006). A criticism of the labor market is that it because people’s lives and wellbeing greatly depends on wages. The labor market can be exploited and…

Tariff Similarly, to the above recalculations for this recalculation exercise, the author will depict current supply and demand, with imposed quota. Q uotas are comparable to tariffs; each raises prices and the reduces imports, but the loss of revenue for the government from tariffs is most likely different . Figure 3 depicts supply/demand with a quota. The quota is from 20 - 40 units, which means that domestic supply is from 0 - 10 un its and 40…