Date: Argument Synthesis against Minimum Wage Thesis: raising the minimum wage is the cause of a falling economy Background Information Economic performance is an essential aspect that accounts for an all-round welfare in any given economy…
The needs and wants of the people are critical to account for, with the state and federal governments playing a fundamental role in relation to this pursuit. Specifically, the quality and standard of life of the people is targeted, with the income earned by the employed population being the target variable. Minimum wage is an extensive, diverse and dynamic concept in employment and remuneration arena. Many states and the federal government at large observes set minimum wage rates, which are revised from time to time as deemed necessary (Block, et al. 49). The aim of setting minimum wage rates is to protect workers are prone to exploitation by employees for one reason or another. Workers are primarily exploited due to lack of adequate skills and knowledge, while they still persistently seek employment opportunities. For this reason, governments in collaboration with labor unions engage in the minimum wage setting to protect prone workers. A minimum wage rate outlines the least remuneration that an employee can receive from potential employers. Payment of wages below the set rate constitutes a criminal act and violation of labor rights. Therefore, employers are expected to comply with minimum wage requirements. On the other hand, minimum wage requirements are set to benefit workers in the economy. ...
minimum wage decisions made within an economy are bound to affect that economy positively or negatively, constituting benefits or hardships for the economy. In this regard, minimum wage can be argued for and against, with the factor outperforming the other resting on the economic variables evaluated. Arguments in favor of minimum wage are based on the direct benefits reaped by individual employees and the economy at large. I. Raising the minimum wage hurts low income workers As earlier mentioned, minimum wage can be revised every time it is deemed necessary. This means that the wage can be reduced or increased. The primary reason that leads to the setting of minimum wage is to raise the earning capacity of unskilled or semiskilled workers. This is further linked to improved and better quality of life and subsequent standards of livelihood. Minimum wage pursuits are not only pursued by the government, but also by labor unions within the economy. All the parties involved can push for reduction or increment of minimum wage, with too low wage jeopardizing the workers’ economic welfare (Weinberger 1). Raising minimum wage is not a strictly positive-oriented activity. Low income workers are more vulnerable to the hurting effect of increased minimum wage. To start with, an increase in the minimum wage means that the demand and supply of labor must be altered. When labor becomes more expensive than it was previously the case, then employers reduce their employment opportunities. This implies that the low income group finds itself in low employment opportunities within the labor market. Economics dictate that changes in prices alter both demand and supply aspects in the economy. In the minimum wage context, an increase in the minimum wage makes low income workers worse off ...
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This will be followed by an assessment of the history of minimum wage with an emphasis on the United States. The paper will go further to assess the effects of a revision of the minimum wage to employers then to employees. This will lead to an assessment of the positive effects of minimum wage as well as the negative effects of minimum wage.
According to the paper the rising numbers of divorces have created this community of women who are eventually mother of a child or children and they prefer to leave alone with their children. The wages of these women must be revised and the legal protections must be given to these community. The single mothers are facing many financial and physical problems for taking too much pressure and tresses.
Labour supply and demand curve consists of demand and supply of labour plotted against the price of labour. In our evaluation, we will identify the effect of minimum wage both in the case when it is above the equilibrium wage price and when it is below the
Minimum wages as a legal price is a policy designed to control the least amount that an employee can be paid for providing labor to the employer. The amount could sometimes be different from the equilibrium price in the demand and supply curve for
On 19th November 2012, the Budget Committee allowed the bill to advance to the next stage by a 7-6 vote margin. However, the bill awaits approval by the Senate to become a law. The bill is designed to increase the minimum wage rate beginning March 1 and
gone beyond and imposed a living wage, which allows people to make payments for necessities and give them a chance to own enough money to live beyond the poverty level. Nevertheless, how can working people still live below the poverty level? Or does this depend on the nature of
Minimum wage is usually enforced by law after a lot of consultation and deliberation has been done with relevant stakeholders and partners (Brown, Gilroy & Kohen, 1982). The question of whether to raise the minimum
The main aim is therefore is to shield workers off exploitation of employers. The practice of setting minimum wage is mostly established by government-employer contracts or simply through government legislation. Very many