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Discuss the benefits and drawbacks of minimum wage laws. Address the following in your response: Are minimum wage laws beneficial to the economy at large? Why or why not? How do minimum wage laws affect efficiency in the economy? What impact do you believe price floors have on market fairness? Think about the institution of these laws and the effects they have on a free-market economy. Give specific examples to support your answers. Should the minimum wage laws change or be eliminated? Explain.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

Since 2009, the national minimum wage has been $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come from a wide variety of sources, including President Obama administration.  Many of those who support an increase in the minimum wage believe this is one way the government should exercise its social responsibility in an attempt to reduce poverty. The following items address the idea of raising the minimum wage from the current federal minimum of $7.25 per hour.

 

1) Minimum wage is a price floor, so discuss an increase in the minimum wage from a supply and demand standpoint, making sure to address the concept of surplus with respect to the quantity of labor supplied and the quantity of labor demanded that is generated by this price floor.

 

2) What will be the impact on the prices of the products produced by workers working at or near the minimum wage level, and how will this affect overall consumer purchasing?

 

3) Discuss any potential changes in the incentives for low-skilled workers to increase their human capital, and for employers to substitute capital inputs (technology and automation) for labor.

 

4) What might be the impact on government spending on entitlements such as welfare, food stamps, and unemployment compensation in light of the fact that changes in the minimum wage can create changes in unemployment and underemployment?

 

Based on your responses, do you believe that the minimum wage should be raised, lowered, remain as it currently is, or be altogether eliminated? Explain your answer, and make sure to address any social responsibility the government should have regarding the well-being of its citizens with respect to the setting of wages in the private sector

A.Minimum wage is a price floor, so discuss an increase in the minimum wage from a supply and demand standpoint, making sure to address the concept of surplus concerning to the quantity of labour supplied and the quantity of labour demanded that is generated by this price floor

What might be the impact on government spending on entitlements such as welfare, food stamps, and unemployment compensation because changes in the minimum wage can create changes in unemployment and underemployment?

B. Based on your responses, do you believe that the minimum wage should be raised, lowered, remain as it currently is, or be altogether eliminated? Explain your answer, and make sure to address any social responsibility the government should have regarding the well-being of its citizens concerning the setting of wages in the private sector.

Discuss any potential changes in the incentives for low-skilled workers to increase their human capital, and for employers to substitute capital inputs (technology and automation) for labour

What will be the impact on the prices of the products produced by workers working at or near the minimum wage level, and how will this affect overall consumer purchasing?

Step 1: Discuss the effects of global trade on the U.S. economy. Address the following in your discussion: List three major U.S. imports and exports. Is it more important for the United States to focus on importing goods or exporting them? How does global trading affect their participants? Specifically, how does it impact their gains and losses? Do you think importing or exporting goods benefits the country more than the other? Why or why not?

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