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The prime argument for the initiation of minimum wages has been the removal of economic disparity. As it has been observed time and again that the poor workers have been deprived of the minimum facilities and benefits by the employers all over the globe, the concept of minimum wages aimed to end the economic oppression. United Kingdom has not been an exception either. It was in the year of 1999 that the government of United Kingdom (led by the Labour Party) introduced the minimum wage. The initiation of the ‘National Minimum Wage’ is considered as one of the most significant interventions by the government in the labour market. The other major party of the United Kingdom, the Conservative Party which opposed the minimum wage previously in 1991, also vouched for the cause since 2005. The major objective of the minimum wages has been the rise of standard of living of the working class of the society (Center for Economic Performance, “Policy Analysis”).
Prior to the implementation of minimum wages, the concerned quarters of the industry speculated that the installation of minimum wages might reduce up to two million of jobs alone in the market of United Kingdom. It was so predicted because it was estimated that the employers will reduce the number of posts as they would have to pay minimum wages for any new employment and therefore, they would rather try to extract more work from those who already have higher wage. But the various research reports prepared in the subsequent years proved such speculation to be impractical as there was no reported news of spillover. The implementation of minimum wage proved to be extremely beneficial to the female workforce of the United Kingdom. Also, it was observed that the implementation of such wage structure contributed to increase of wage for about 5% to 6% of the workforce of the United Kingdom during the initial years.
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Over the years, it has created a significant following enough to have market base to continue and sustain the business yearly. While it started as a traditional hole in the wall Supermarket Store during annual state fair, the business became ripe for expansion especially with the introduction of new selection of popular brands that made Ritchies Supermarket a successful Retailer.
This is because in an environment of free competition, the consumers end up gaining from lower prices as entrepreneurs fight to gain their favour (Patselas, 2001, 2). However, when it comes to the market for agricultural products, there is a real fear that people might go hungry when prices are high or there can be a lot of waste when the highly perishable products are produced in surplus thus resulting in losses for farmers and entrepreneurs.
It is often proclaimed that occupational scenarios have apparently changed since the past decades. Domains of environmental studies or those assessing the socio-cultural, economic and political circumstances, palpably advocate favourable arguments to such affirmations.
Moreover, the important things in the free market is the different types of free market philosophy which include the concept of unrestricted free market philosophy, and the competitive free market philosophy. The Philosophy of the unrestricted free market means that the market of the goods does not need permissions of importations from other parties even from the ministry of the commerce.
‘Welfare state’ is the term coined to represent countries whose leadership aims at providing the masses with security, quality education and healthcare facilities. When the sole purpose of a government is to provide people with the above mentioned facilities, profiteering takes the backseat and the focus is on quality.
Keynes (2007) on other hand states that the free market is not always efficient and the government has a role to play in ensuring that the market is efficient. In the great depression of 1930 government did little to solve the crisis, this depression was characterized by a decline in international trade, a decline in product prices, reduced consumer expenditure and unemployment.
No doubt, our reading of the latest literature leads us to terminate that, in difference by the profession's consensus scrutiny of the 1980s, official intervention can be effectual, particularly from side to side its role as a signal of policy intentions, and particularly when it is publicly proclaim and concerted.
omypedia.com>.Microeconomics examines the decision making process of individuals, firms, Governments and the impact of the decisions on demand and supply of goods and services and how it in turn affects the prices and the effect of relative prices on the
Initial care providers state that many brief interventions are effective in treating substance abuse. Brief interventions include encouraging substance abusers to attend detoxification welfare groups such as
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