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Assigement - Coursework Example

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Customer Name Economics 2nd October 2012 Ans.4: The minimum wage policy has both benefits and drawbacks for all three parties involved. In the following paragraphs both advantages and disadvantages of a minimum wage policy for employees, businesses and consumers have been discussed…
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Download file to see previous pages Likewise, there are people who are either physically handicapped or they simply have a low IQ and so they are unable to find employment. One should understand and appreciate the effort made by these people to find employment and not remain dependent on their friends, families or the government. For such people even minor raises in salary or wages is a source of motivation. An amount which is nothing for the affluent can be a source of some nutritious food, better education and rent for a small home. Also, when these people have more money they buy more goods while benefitting the economy. Opponents of the minimum wage policy argue that people who work on minimum wages often work part-time and live in families with more than one bread-winner hence the household wealth does not change much as a result of a change in the minimum wage policy. Even if this is true one can think about why the minimum wage employees work part-time. They do so because they get paid less to do work and hence they have to work harder at more than one job. If the minimum wage policy makes minimum wage higher then workers will become likely to work full-time because doing so will help them save time and transportation cost. Businesses are the entities that pay minimum wage to those employees who are the least capable, and unskilled. Some businesses are large while others are small. For small businesses the minimum wage policy can prove to be a burden. The cost of production can increase and consequently employees might have to be laid off. Moreover, when people will be laid off their consumption of goods will fall hence harming the entire economy. However, arguing against minimum wage policy is not going to help. If costs are increasing it is best to seek help from family members. An example of this is farming done in developing countries like India and Pakistan where a farmer is helped by his wife and occasionally by children to reduce expenses. Minimum wage raises can result in less absenteeism, greater employee morale, and lower frequency of workers turnover. As a result, training costs are reduced and employee productivity rises (Card and Krueger). Moreover, higher wages attract more of both skilled and unskilled people to apply for a job. As a result, there are greater options available for the business and the person most suitable for the job can be hired. As far as benefits and drawbacks of minimum wage policies are concerned with regards to the consumers multiple scenarios are possible. Primarily, it depends on whether consumers want benefit in the short-run or in the long-run. It is possible that a business pays lower than minimum wage to its workers to reduce production costs. As a result the price of the product manufactured remains lower than the business competitors’ products. Consumers who prefer less durable but cheaper goods will most benefit from this. However, in this age of ever increasing scarcity such consumption of cheap goods can prove to be a waste of resources and hence create shortage of raw materials needed for manufacturing in the upcoming days. This can further increase prices of even the less durable goods. Eventually, consumers will have to suffer. Moreover, a higher minimum wage will ensure that better but more expensive products are manufactured which do not create a shortage of resources in the long run. I conclude that overall the minimum wage ...Download file to see next pages Read More
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