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

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

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful
Minimum Wage is a frequent topic of political debate. Analyze the pros and cons of such a policy using the relevant theoretical
Read TextPreview

Extract of sample "Minimum Wage is a frequent topic of political debate. Analyze the pros and cons of such a policy using the relevant theoretical"

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
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Minimum Wage is a frequent topic of political debate. Analyze the pros Essay”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1470499-minimum-wage-is-a-frequent-topic-of-political
(Minimum Wage Is a Frequent Topic of Political Debate. Analyze the Pros Essay)
https://studentshare.org/macro-microeconomics/1470499-minimum-wage-is-a-frequent-topic-of-political.
“Minimum Wage Is a Frequent Topic of Political Debate. Analyze the Pros Essay”, n.d. https://studentshare.org/macro-microeconomics/1470499-minimum-wage-is-a-frequent-topic-of-political.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Minimum Wage is a frequent topic of political debate. Analyze the pros and cons of such a policy using the relevant theoretical

United States Foreign Policy from 1945-1991

American Presidents presiding over some key events in history, such as the Cuban Missile Crisis, The Cold War, The Vietnam War, etc., were hindered from acting as public representatives due to pressure from the military-industrial complex. John Kennedy, Lyndon Johnson, Ronald Reagan, George Herbert Walker Bush, and George W. Bush – all of them were subject to these opposing interests. But eventually, the corporate-government nexus proved too powerful; and in this sense, American Presidents after the Second World War were largely restricted and powerless to uphold their higher personal values. Most of the strategic moves on part of the United States after the end of the Great War were directly in response to an anticipated th...
11 Pages(2750 words)Essay

Cultural History Versus Political History: The Varying Methods of the Two Fathers of History

Even though they have these similarities and have both been bestowed with the same title, these two historians drastically differed in their approaches.

Herodotus had another title bestowed upon him; he was also called the “Father of Lies.” Much of what is known of him has been gathered from his own writings as few other sources are available from his actual life. It should also be noted that the veracity of this information is in question as Herodotus was known to invent much in his own work, and it was sometimes the practice in Ancient Greece to attribute events from the life of one person to another; for instance, it has been questioned if the accounts of Herodotus’ exile are only due to the fact th...
10 Pages(2500 words)Essay

Political Ideologies and the Environment

Man has lost touch with the environment to gather his own empirical evidence, study it vis-à-vis the knowledge handed him down the generations and make his independent judgment. Thus his thinking process is chained to the scientific and economic superstructure.
The early part of the twentieth century saw the emergence of the knowledge society. The transmission of knowledge propels social and economic change. Out of the knowledge, society grew the energy-guzzling and environmentally unfriendly consumer society. On the vestiges of consumer society now emerges the anxiety-laden risk fraught society Man, the main protagonist, knows little of his importance and is in haste to accomplish things, knowing-well the risk fraught...
6 Pages(1500 words)Assignment

Political Thought

In the nineteenth century, the term democracy still had uncomplimentary connotations, most of the time; some understand it as a system of mob rule. Now, however, we are all democrats. Liberals, conservatives, socialists, communists, anarchists, and even fascists are all eager to proclaim the virtues of democracy and to demonstrate their own democratic credentials. Indeed, as the major ideological systems faltered and collapsed in the late twentieth century, the flames of democracy appear to burn yet more strongly (Huth & Allee, 2003). As the pull of socialism paled, and the intrinsic worth of capitalism has been called into query, democracy appeared as possibly the single unwavering and lasting principle in the postmodern poli...
6 Pages(1500 words)Assignment

Debate on Unionization of the Walmart

It was the real beginning of the success story. He was successful in running the store. When the period of the agreement expired he started a new franchisee in Arkansas and he named the store as “Waltons Five and Dime”. There he applied the technique of selling more by reducing the price of the products which resulted in revenue increase. In the year 1962 Walton opened the first-ever Walmart store in Arkansas. Walmart stores were also called as Walmart discount Stores. In five years he opened other 23 Walmart stores in Arkansas. In 1968 Walton opened Walmart stores in other places in America like Sikeston, Claremore Oklahoma, and Missouri. Walmart got incorporated in the year 1969 and after a couple of years, it regist...
7 Pages(1750 words)Case Study

Information Security Policy of Organization

In the modern age of information technology, there are many threats created for organizational information. Organizations need a security model that has the capability to handle and secure our information reserves. Technical administrative safety /security measures like security plans, actions and procedures are the general practices for the organizational information security procedures. The attentiveness of producing actions is concerned by the organizations to an appreciably smaller level, on the other hand at the same time these are weighed up as being further efficient organizational actions than technical administrative ones. Information security encompasses organizational features, officially authorized aspects, institution...
6 Pages(1500 words)Research Paper

Evaluation of Performance of a Bank Using Published Accounting Data

... charge-offs plus PLL and recoveries)/Total loans and leases). To evaluate the operational efficiency or cost control of the bank two ratios of Fixed occupancy expenses/Total expenses and Wages and salaries/Total expenses are calculated. The temporary investment ratio and volatility-liability dependency ratios are calculated to measure the liquidity of the bank. The idea of measuring these ratios is to determine the extent to which the bank has used ‘hot’ money to fund its riskiest assets. Apart from that, the other financial ratios that can be used to evaluate the performance of the bank may include tax rate (total taxes paid/Net income before taxes) and Dollar gap ratio (Interest rate sensitive assets – Interest rate sensitive...
7 Pages(1750 words)Case Study

Using Computers to Teach Mathematics is Better than Traditional Methods

... proficient in the use of computers for teaching Mathematics (Sechzer et al, 2008). Even in Columbia, efforts were made to increase the number of computers on campus, and computer labs operate in special places for students to use. The argument against using computers centered on cost had greater value in the early days of computer technology but it has now become weaker as computers have become more widely and cheaply available. Other arguments for the reluctance to use computers or at least not to use them too frequently are that students may become too reliant on them and they detract from the ability for example to make computations mentally. Furthermore, computers may be highly accurate but the information given out depends...
7 Pages(1750 words)Case Study

European Union Policy: Turkey

...Running Head: European Union.... Topic: European union policy Order#: 377392 Topic: European union policy Profile of Turkey-history, geography and population: “Area: Approx 780,000 sq km (300,000 sq miles) Population: 71.9m (July 2008 est) Capital city: Ankara People: Majority Turks. Minorities recognised under the Turkish Constitution: Jews, Armenians and Greeks. Other ethnic peoples include Kurds, Circassians and Bosnians. Language: Turkish (official), Kurdish Religion: Muslim Currency: Turkish Lira (TL) Government: Parliamentary republic. Membership of international...
9 Pages(2250 words)Case Study

American Political Communications

.... The ads that intend to leave a positive impression about the candidate emphasize accomplishments and their good qualities. Other ads incorporate disturbing statistical evidence, visuals or sounds to leave a negative effect about he opponent. Negative ads mainly incite the fear among people about what could happen if that candidate were to win. The advertisement that has been analyzed in this paper “disarray” (September 2009) is a negative political advertisement which intends to affect the minds of people regarding Barack Obama’s health plan. It may be categorized as a negative ad since it intends to leave the impression that the democratic government might not be able to handle the issue and has been issued by the national republican...
6 Pages(1500 words)Essay
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 Essay on topic Minimum Wage is a frequent topic of political debate. Analyze the pros and cons of such a policy using the relevant theoretical for FREE!

Contact Us