Communication in Economics - Essay Example

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There is a heated debate all over America on whether to increase or not to increase the minimum wage. This topic relates to labor…
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Communication in Economics
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The Editor The Wall Street Journal Friday 22 May In response to How L.A Wage Hike Doesn’t Help the Poor
Dated 21 May 2015
By Salim Furth
The move by L.A to raise the minimum wage to 15% by 2020 will certainly have different implications on the economic activities in Los Angeles County. There is a heated debate all over America on whether to increase or not to increase the minimum wage. This topic relates to labor economics. Several questions arise on the issue of minimum wage. How do you balance the burden of increased minimum wage on small businesses with the needs of the workers? What impacts does the increase of minimum wage have on the profitability of businesses? In response to Salim Furth’s post, this article explores some of the underlying issues on increasing minimum wage. Paul Krugman, a Nobel Prize winning economist argues that the move to raise the minimum wage would not lead to job loss because big companies like McDonalds cannot replace workers by machines nor move these jobs overseas. However, the implications may not be the same for small companies. According to the U.S Department of Labor, raising the minimum wage can be beneficial to the economy, for instance, it would reduce employee turnover and increase consumer purchasing power.
Increasing the minimum wage may be beneficial to those who receive it even though this might have little impact on the U.S economy. Therefore, it is prudent to review critically the move by L.A to increase the minimum wage from a socio-political dimension rather than an economical point of view. It is high time that the electorate figure out the motive of many elected officers as that of garnering votes rather than boosting the economy.
Work Cited
Furth, Salim. How L.A.’S Wage Hike Doesn’t Help the Poor. WSJ. N.p., 2015. Web. 22 May 2015. Read More
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