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Argument Synthesis agiainst Minimum Wage - Research Paper Example

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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…
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Argument Synthesis agiainst Minimum Wage
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Argument Synthesis agiainst Minimum Wage

Download file to see previous pages... 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 ...Download file to see next pagesRead More
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