StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

The employment effects of the minimum wage - Term Paper Example

Comments (0) Cite this document
Summary
Author’s Name: Due Date: The Employment Effects of the Minimum Wage Introduction The 21st century earnings inequality often characterized by the ever widening gap in income between the haves and the have-nots has been a hot topic for scholars over the past decade…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful
The employment effects of the minimum wage
Read TextPreview

Extract of sample "The employment effects of the minimum wage"

Download file to see previous pages Beneath the antagonistic claims on both sides bordering on sound political and philosophical principles are assumptions loosely hinged on individual interpretations of the time series of increasing inequalities. Indeed, there are no doubts that the magnitude of the inequality gap widened further over the past decade alone. Nonetheless, questions abound as to whether the statutory minimum wage settings do have any profound effect on the same. This short paper endeavors to highlight the controversy of the current debate and subsequently ascertain with facts the effects of the Minimum Wage on employment. Supportive Evidence: Decent Pay and the Job Loses The employment effect of the minimum wage is by far one of the topics in economics mostly researched and deliberated upon with an effectual outcome of scholarly arguments and counterarguments that boarder more on the authenticity of data used. A statutory minimum wage, by definition, refers to a legal binding remuneration threshold at which employers may buy labor services from prospective workers or workers may sell their labor services to prospective employers (O'Sullivan and Sheffin 130). Although such laws are effective in many jurisdictions, scholars offer varied opinions on the theoretical models that have stood the tests of time, though challenged by a myriad of data collections that continues to this day. Legally sanctioned statutory minimum wage at predetermined levels bears a strong social appeal in manipulating market labor prices to ameliorate the social income iniquity for the vulnerable members of the workforce, particularly the unskilled workers. For many, a fair distribution of the national cake can only be achieved by some political manipulation of the wage structure; a policy argument judged against the sticky poverty statistics (Eatwell, Milgate and Newman 476). Indeed, given that proliferation of industrial working environments where employers pay little attention to workers’ wellbeing, the establishment of minimum wage legislation is well in order. Entrepreneurial ventures such as the multinational corporations operating in the developing countries have long been blamed for unfair bargaining power over their workers. Clearly, the institutionalization of minimum wage laws in such countries goes a long way in ensuring that workers get at least some decent pay commensurate to the labor services they offer. Even though the above objective is widely popular with the public as a morally justifiable political course, for economists, statutory minimum wage legislations represent a challenge of price distortion within the labor markets, yet with questionable attainment of the intent stated above. From inception, minimum wage laws have received less support from economists than from the enthusiastic public poor/lower cadre workers/unskilled workers who gullibly feel they stand to benefit over their employers. Despite decades of economic research augmented by scientific principles, the employment effect of minimum wage legislation remains a contentious policy. A classic exposition of the minimum wage's inability to substantially reduce the income inequality gap by ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The employment effects of the minimum wage Term Paper”, n.d.)
The employment effects of the minimum wage Term Paper. Retrieved from https://studentshare.org/macro-microeconomics/1403900-is-microsoft-a-monopoly-or-intellectual-property
(The Employment Effects of the Minimum Wage Term Paper)
The Employment Effects of the Minimum Wage Term Paper. https://studentshare.org/macro-microeconomics/1403900-is-microsoft-a-monopoly-or-intellectual-property.
“The Employment Effects of the Minimum Wage Term Paper”, n.d. https://studentshare.org/macro-microeconomics/1403900-is-microsoft-a-monopoly-or-intellectual-property.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The employment effects of the minimum wage

Nursing Shortage: How it Effects Nurse Management & Leaders

Nearly twenty percent of the hospitals in 2001 had registered nurse vacancy rates in excess of twenty percent. The survey conducted on behalf of the American Hospital Association in 2001 showed that 126,000 full-time registered nurse positions were not filled. The following year in 2002 the U.S. Department of Health and Human Services that the number of states in the United States of America experiencing registered nurse shortages had gone up to thirty. The consequences of the shortage of nurses on the nursing professionals as evaluated by studies showing that the nursing professionals were experiencing burnouts, stress, and lack of job satisfaction, which was likely to compound the issue of shortage of nursing professionals. The...
10 Pages(2500 words)Case Study

Employment Relations

On the facts of the case for discussion, Derek has only been employed by Notlob County Council for a few months. His most recent assignment placed him in charge of water and sewage flow. Obviously Derek’s responsibility is to perform his duties effectively and his concern is that he cannot do so without posing a threat of harm not only to himself but to others as there is a flaw in the system that can lead to catastrophic consequences.

By virtue of the Health and Safety At Work Act 1974 the employer is under a statutory duty to maintain the water and sewage plant if it is reasonable and practical to do so. The duty is contained in Section 2 which mandates that the employer ensure the safety and welfare of all empl...
15 Pages(3750 words)Case Study

Effects of Human Resource Systems on Manufacturing Performance and Turnover

Most of these developments, not surprisingly, have come from communities of scholars focusing on their own particular countries or regions, be it the US (for example, Arthur, 1994; Delery and Doty, 1996; Huselid et al., 1997), the UK (for example, Brewster, 1999; Guest et al., 2003), elsewhere in Europe (for example, D’Arcimoles, 1997; Lahteenmaki et al., 1998; Roderiguez and Ventura, 2003). The difference in perspective on the value of people in organizations and the validity of HRM, particularly in non-Western Countries may be best understood in terms of the concept of locus of human value (Jackson et al., 2003). Jackson et al. (2003) came up with a conceptual map of international organization and human resource management...
12 Pages(3000 words)Essay

Effects of Menopause on Women's Life

It is typically accompanied by some distressing physical and psychological symptoms in women that also impact middle adulthood. There is variation in the age at which menopause occurs; in the USA the average age at menopause is 51 years, but the usual range is 45 to 56 years. For unknown reasons ovaries gradually begin to change on hormone production during a womens mid-30s. In the womens the late 40s, the process speeds up and hormones fluctuate or change more causing irregular periods.

Some womens periods stop suddenly; others experience a perimenopause, a phase of irregular menstruation, and symptoms such as memory disturbance, bloating and feeling tired, that may be troublesome for 5 to 10 years. (Brown, 2002)
...
6 Pages(1500 words)Case Study

What Are the Effects of Industrial Pollution to Nature in Turkey

It is observed that electroplating and chemical industries are responsible for the generation of a considerable portion of emissions that contain heavy metals, and may affect adversely on human lives and environment. On the other hand, sugar, pharmaceuticals, and textile industries are responsible for the generation of organic pollutants in the atmosphere. Refineries, fertilizers, stone mines, and thermal power units are mainly the causing sectors of contributing a substantial amount of air pollution in the Turkish atmosphere. In specific, sulfur, nitrogen, and hydrogen sulfide are some of the main pollutants that are generated from the burning of fuels in the abovementioned industries in Turkey. Though vehicular sources also cont...
7 Pages(1750 words)Case Study

Maternal Employment and Child Well-Being

Through the course of history, it can be observed that the role of the female members of the population is continuously being leveled to that of the male, thus, in terms of the number of employees and organizational positions that are being held by women, the change is evident.  It can be considered that upon the achievement of the women to have equal opportunity to work and excel in the career of choice, the number of labor participation had increased. To be able to determine and present the objectives of the study, it is important to consider different issues that are related to the topic at hand. The main basis of the said notion is on the basis of different reasons such as in terms of the economic, family and social aspec...
12 Pages(3000 words)Literature review

How Does the US Media Effects Evolve in Singapores Current Media

Lewis and Slade (2000, p. 223) in their critical evaluation of the effects of media communication on the audience argue that media effect is achieved incongruent with social context. Their study recounts the experiment on the influence of television on identity in Singapore indicates that US social values and Singaporean values greatly differ from each other. The sharp differences in program content have a negative influence on the audience because Chinese raised Singaporeans value marriage, social values, and collectivism whereas US social culture involves career, family and the struggle to balance the two. Therefore the question of US media's influence to destabilize Singaporean national identity is limited. This view is emphasi...
6 Pages(1500 words)Assignment

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

Effects of the United States of America Troops in South Korea

Despite the few negative incidences of crime committed by the United States of America’s security troops that were deployed in the country on a peacekeeping mission.
Since the war in Korea began in the early nineteen fifties, the United States has stationed tens of thousands of soldiers, mostly the United States’ army personnel, in South Korea. Through the assistance of the South Korean troops and other neighboring governments, the American troops have been able to guard and offer maximum security to South Korean people. In line with the argument of James (2003), ‘most of the military bases in South Korea are relatively isolated’ thus the need for much attention from the troops so as to ensure maximum...
10 Pages(2500 words)Assignment

Minimum Wages during Economic Downturns

The effects of changes in the minimum wage are often tremendous and impact differently to the employers. This paper presents the resulting effects of an increase of minimum wage to employers in the American economy (Papps, Pg. 46).
The main intention of a minimum wage is that of boosting families with low income out of poverty. This concept has however been proved to be wrong because an increase in the wage has not changed the lives of the workers. It has served however to enable them to increase their purchasing power and adjust to their unresolved needs and not to alleviate them from poverty. Unfortunately, apart from all these good intentions, there are several adverse effects that have been associated with the imposition...
6 Pages(1500 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic The employment effects of the minimum wage for FREE!

Contact Us