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Minimum Wage is a frequent topic of political debate. Analyze the pros and cons of such a policy using the relevant theoretical - Essay Example

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Name: Instructor: Course: Date: The Pros and Cons of Minimum Wage using Relevant Theoretical Construct Minimum wage is a terminology used to describe employee remuneration where the law requires a set standard, for the least amount of pay that should be given to a worker, for their labors…
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Minimum Wage is a frequent topic of political debate. Analyze the pros and cons of such a policy using the relevant theoretical
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Download file to see previous pages This made it a requirement of all states to set this as their minimum wage limit but this does not make it mandatory because some states exhibit variations of this set minimum. Some states, like California, have higher limits of this wage, which is at $8.00 while others, like Georgia, have wage limits below that federal limit at $5.15 per hour. These differences are made possible, by the municipal and state laws, which make it possible, for individual states to set their own minimum wage limits by exercising their right to enact their own by laws. This enables them to determine the limit of minimum wage, with respect to the economic potential of that a given state because it would not make sense to match the minimum wage with a rich state in terms of resources. This is an analytical discussion about the advantages and disadvantages of the minimum wage policy in the United States of America using a theoretical construct approach. Minimum wage from an economists view is disadvantageous to the market system of demand and supply. This is because when the minimum wage is raised the number of people vying for that job position increase, but the employer’s willingness to offer the position decreases because it is an increase in expenses in terms of salaries. In this scenario, employers would rather delegate the duties to be filled, by the new position to existing employees, than offering the job position. On the other hand, if the minimum wage were reduced, it would give employers an opportunity to create more job opportunities in organizations because they can afford to do so. This would depend on the amount of the wage set because a minimum wage of $1 per hour would not attract anyone, but student workers could consider a $4 per hour. Setting up the minimum wage law disrupted the functioning of supply and demand system because it dictates what employers should pay, instead of letting the two factors standardize the field on their own. Market factors of demand and supply govern the number and type of jobs available along what each job category would pay (Schmidt, 19). Increasing the minimum wage deprives a group of young Americans the much needed life lessons, which can be acquired when one works minimum wage job. This is because these jobs are popular with interns, workers in training and students, which help them, learn early in life how to handle money and relate with people in different circumstances (Schmidt, 16). They instill the values of hard work, responsibility and hard work early in their lives and motivate them to aspire to go to college and acquire advanced skills, which can enable them get better paying jobs in the future. Raising the minimum wage reduces the number of these types of jobs because employers will not be willing to offer these job positions because of increased salaries. This will translate to the emergence of a generation of Americans who have no value for hard work and responsibility, which would be detrimental to the economy of the country. It means that most of the American society in the future will lack a driving force that is essential in inculcating work ethics that are vital to a vibrant economy characterized by a work force that knows and understands the benefits of hard work. An increase in the minimum wage will result in a decrease of job opportunities that offer invaluable experience that is a prerequisite in almost all well paying and stimulating jobs in America. New entrants into ...Download file to see next pagesRead More
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