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

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