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Price Controls The Minimum Wage - Admission/Application Essay Example

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Summary
Price control is an activity undertaken by the government through central authority charged with the duty and responsibility of overseeing the welfare of the economy. In most cases, the government formulates and implements price controls through the central bank. Price control…
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Price Controls The Minimum Wage
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Price Controls The Minimum Wage

Download file to see previous pages... Minimum wage has both costs and benefits to the economy, given that it is backed by relevant laws that operationalize it. In this regard, both advantages and disadvantages can be evaluated. The economy is likely to suffer a decreased labor demand. Fixing the minimum wage at a certain level may not be the optimal level that producing firms may be operating at (Waltman, 2008). As a result, these firms will demand less labor due to the fact that it is likely to be expensive after minimum wage laws come into force. The cost of production is likely to up, and so are the prices of goods and services.
Another expected cost of implementing minimum wage laws is the increase in the level of unemployment. Labor supply is likely to increase due to the fact that the minimum wage is expected to be a better to the labor force. However, firms will be laying-off workers due to the increased costs of operation that are likely to emerge with the implementation of the laws. The labor force will be willing and able to work, but fail to secure employment opportunities as firms strive to maintain their profitability (Paterson, 2006). Tax revenue to the government is also expected to decrease the enforcement of these laws. Firms will be taxed less in order to embrace the move, while the minimum wage earning groups may not be taxed at all.
Minimum wage laws have significant benefits to the economy. First, these laws target the low income groups. Uplifting the social welfare of these groups is a positive move towards the achievement of growth and development in the economy. Economic welfare encompasses all aspects of a given nation; social, economic and political aspects. Minimum wage laws are likely to ensure a consistent flow and circulation of money to the economy. This would in return trigger increased demand for consumption goods through consumer spending.
Economic stimulation is another positive achievement of minimum wage. ...Download file to see next pagesRead More
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