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.
Nobody downloaded yet

Micro Economics: Florida Minimum Wage Law, The High Cost of Minimum Wages - Essay Example

Comments (0)
Florida Minimum Wage Law, The High Cost of Minimum Wages Name: Course: Course code: Tutor: Date: Introduction Minimum wage is the least amount of money paid by employers to an employee as remuneration of their hourly, daily or monthly contribution. Equally, it is least pay where workers are willing to sell their labor…
Download full paper
Micro Economics: Florida Minimum Wage Law, The High Cost of Minimum Wages
Read TextPreview

Extract of sample
Micro Economics: Florida Minimum Wage Law, The High Cost of Minimum Wages

Download file to see previous pages... On the other hand, those who criticize the idea of minimum wage claim that it increases the level of unemployment (especially the low productive employees), increases the level of poverty and damages businesses. In 2004, an amendment was passed in Florida that provided for minimum wage that would be slightly more than the rate of the federal minimum wage. The objectives of this policy were to improve the standards of living for the workers, safeguard the workers from low wage competition and cut down the dependence on the taxpayer-funded public utilities. In contrast to the federal minimum wage, the Florida minimum wage is an “automatic pilot” which is reset annually in reference to changes in Consumer Price Index (CPI) (Fishback, 2008). Under the federal and the Florida law, most of the businesses are allowed to take credits that the workers expect, which in turn result in low minimum wage for the tipped employees. Whereas the consequences of minimum wage on both employees and businesses are significantly negative, it is even worse for the job seekers. It is evident that high input prices and high production causes the businesses to economize on those inputs and raise the minimum wage. The effect of minimum wage in Florida was realized few years ago. In response to this, a proposal was put in Congress so as to raise the minimum wage for the tipped employees. Aims of the minimum wage proponent If the level of the minimum wage could have been imposed regardless of unemployment level, then the standards of living would have been boosted among the ill-skilled at the expense of high profits. Nevertheless, the economic theory has found out that increase in employer cost should be passed down to the customers. Usually, this is ignored especially in statements which address the desirability issues of the minimum wage. The Florida’s minimum wage constitution captures all the tortured logics of minimum wage (Abbott, 2012). This minimum wage should be able to sustain a healthy and decent life for the workers like their families. Essentially, Florida, just like most of the countries in the world, agitates for better pay for hardworking employees. Likewise, most employers prefer working in a business environment free from worry of other competitors operating at low costs. Lastly, most of the tax payers welcome public policy initiatives that eliminate the desire for more expensive public services; while at the same time providing decent and healthy life. In fact, for most of the people, work is seen as a means to an end. The end in this case is a healthy and decent life while a means is good skills and hard work. When there is scarcity of resources, there should be a standard system of selection among the competing uses (E, Michael, Canada, & Policy, 2008). Arguments surrounding the economies of minimum wage The standard economic theory implies that the implementation of minimum wage bill might arouse a lot of curiosity. One of the things is the possibility of low employment opportunities when compared to the situations freed by the minimum wage. When the labour prices increases steadily due to periodic increase in the rates of minimum wage, there is a decrease in the quantity of labour demanded. High wage encourages the more expensive labour to be substituted by the automation ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
Minimum Wage
At first sight minimum wage seems to be helping the employees; however there are many controversies associated with minimum wage. Proponents argue that minimum wage would prevent employers from exploiting the employees and it will help the employees to reduce their poverty level and increase their living standards.
4 Pages(1000 words)Essay
How Does Nikes Questionable Manufacturing Practices in Asia Affect Their Brand Image
The international brand, Nike, has been very active locally as well as globally in providing job opportunities to various vendors and suppliers. However, at the same time, the company has come across severe criticism for its poor labor practices. Nike has been criticized for producing highly expensive products by giving very low wages and poor working conditions to its workers.
34 Pages(8500 words)Dissertation
Minimum Wage
From a microeconomics perspective, there is enough supporting evidence that minimum wage increases maintain negative outcomes to the economy. In similar accord, thinking from a macro perspective, minimum wage increases create similar negative economic conditions.
5 Pages(1250 words)Essay
Minimum Wages
6 Conclusion 8 Reference 9 Introduction The different types of labor markets are skilled, semi skilled and unskilled markets. The workers skilled in a certain job are categorized in the skilled market while the unskilled workers fall under unskilled market.
6 Pages(1500 words)Essay
The Minimum Wage Law
The New Deal legislation that had the ideal of providing a living wage for all workers has gone unfulfilled, as the wage is still far below the federal standard for poverty. However, advocates of the law argue that it does give the worker some level of protection against the exploitation of greedy businesses.
6 Pages(1500 words)Essay
Minimum Wages
Despite escalation in productivity and inflation since 1968 there has not been a proportionate enhancement in minimum wage James Cicarelli, Since1968, 2003). The "living wage movement" owes it's genesis to the failed attempts by the legislative to effect greater parity between minimum wage and living wage.
2 Pages(500 words)Essay
Minimum Wage
Almost all the countries in the world have similar kind of minimum wage laws and legislation. Minimum wage legislation may be interpreted as making it either unlawful for employers to pay workers less than the minimum wage, or unlawful for workers to provide labor or services for less than the minimum.
2 Pages(500 words)Essay
Minimum Wage Law
This circumstance has resulted in a polarization of opinion between economists, politicians, employers, social activists and the general public as well. Legislators passed this depression-era law
12 Pages(3000 words)Essay
Minimum Wage
However, it seems there is no common ground where all parties believe that the public will benefit from any available option. Minimum wage is the lowest form of remuneration that an employee can
2 Pages(500 words)Essay
Minimum Wages
It is a good move by the current government. Definitely workers need an appropriate amount of their earnings to enjoy their lives and more over the cost of living has been raised and
1 Pages(250 words)Essay
Let us find you another Essay on topic Micro Economics: Florida Minimum Wage Law, The High Cost of Minimum Wages for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us