An economic analysis of the pros and cons of raising the minimumwage, including the Republican vs. Democrat viewpoint. Concludes from points raised that raising the minimumwage would harm society and the economy rather than help it.
1,579 words (approx. 6.3 pages), 2 sources, 1999, $ 51.95
Abstract This is an economic paper that argues that although partially beneficial, raising the minimumwage would in fact harm society and the economy more than it would help. The Republican versus Democratic views are compared and contrasted. Moreover, many economic issues such as the business cycle, and supply and demand, and taxes are implied and/or discussed.
Abstract The paper discusses the minimumwage legislation and sheds light on arguments against and in favor of this important law. We need to understand that the minimumwage law is not supported by all sections of the society,and that some believe it leads to unemployment and inflation. But the proponents of the legislation feel that it increases productivity and consumer spending which are essential for the positive growth of the economy.
Abstract This paper is an open letter to the United States Congress in regard to plans to potentially increase the federal minimumwage in order to combat poverty. The author argues that any such bills should be endorsed because they are in the long-term interests of the working poor. Increases in the federal minimumwage will have the effect of alleviating poverty in the United States.
From the Paper "The issue of whether or to increase the federal minimum wage is a significant one. The debate has become highly politicized, with proponents and opponents staunchly allied along nearly unbreakable partisan lines. Given the political nature of the debate, it can be difficult to determine the best course of action. Should the federal minimum wage be increased or not? That is the basic question. The answer to that question must be determined upon what one hopes to accomplish by voting one way or the other. If one's interest is in maintaining the stranglehold that corporate interests have on the American working poor through wage slavery, then obviously you should vote against any increases in the federal minimum wage."
Abstract This paper discusses how debate over increases to the minimumwage in Canada has been a commonplace since introduction of the Fair Wages Policy in the House of Commons in 1900. All provinces and territories in Canada have introduced minimumwage legislation and there is no national minimumwage standard across the country. Instead federal legislation generally reinforces provincial legislation in minimumwage. There exist wide differences in minimumwage legislation and levels between different provinces and even within the same province reflecting varying costs of living employment levels and even different legal traditions across the country.
Abstract This paper discusses the hotly debated validity of raising the minimumwage. Specifically, the paper looks at how experts on both sides cannot agree on the real effects that raises in the minimumwage have had or will have in the future, on managerial decision making. For the most part the consensus among economists is that it will either create a wash for the employee or hurt the employee, and that it will have at least some effect on managerial decisions, including such things as reducing non-cash benefits, increasing work loads to match new labor costs or reducing the number of new hires that occur. Furthermore, the paper states that the question of Kansas is even more marginal, as the adoption of such a wage increase will likely severely change the face of small business decisions in the state.
From the Paper "Employment of entry level workers is an essential aspect of economic growth, especially in small businesses as they comprise a majority of businesses and hire a significant portion of entry level workers. Any real reduction in entry level employment, especially among people who are likely to need experience, but are frequently still in a position of being sheltered by family, such as the lowest age group noted here, will severely hinder their ability to move forward as members of a growing economy and may delay independence and even college attendance. More vulnerable individuals in this demographic, those not being sheltered by family still, are likely to then become lost in a system that does not offer comprehensive unemployment insurance to wage earners that have not paid enough into the system yet. Another researcher would like to point out the particular vulnerability of the disabled worker, as if cost-benefit ratios are the exclusive tool for deciding who to hire for an entry level job those with the perceived lowest level of production abilities, i.e. the disabled will be less likely to obtain work. (Lehmann, 2006, p. 50) These people, including young adults, teenagers the disabled and minorities are then relegated to become not only the working poor as they were before but are now in a position to have to ask for even more help elsewhere, such as welfare, a system that has also been severly reduced in the last few years with reforms. (Lehmann, 2006, p. 50) (Burkhauser, Couch & Wittenburg, 2000, p. 16)"
Tags: effects, kansas, debate, benefits, change, business
Abstract This paper discusses the controversy surrounding minimumwage and the effects it has on the economy. The relationship between minimumwages and poverty is addressed, as well as the effects of minimumwages on small business and families is investigated.
Abstract This paper discusses how an increase in the Canadian minimumwage to $10 an hour would be controversial as has been every increase in minimumwage since the first introduction of legislation in support of a minimumwage in Canada in 1918. This essay presents arguments both for and against raising the minimumwage to $10 an hour in Canada as a national standard. The paper shows how such an action will have some negative impact upon the Canadian economy in that it will increase labour costs and, as a result, may somewhat increase inflationary pressures.
Abstract This paper examines the public policy implications of minimumwage laws and to a lesser extent living-wage laws (with the understanding that the two are philosophically linked to each other). The author writes, for those of us just now entering the labor force, it would be unthinkable to contemplate the working world without the presence of a minimumwage law. The paper provides a brief history of labor law and public policy in the United States. The paper includes graphs and charts.
From the Paper "The minimum wage does not seem to be one of those causes over which people become sufficiently impassioned to protest in the streets. But that is in large measure only because when people are protesting in the streets they tend to call for economic fairness or distributive justice, and both of these concepts are connected to the idea of a minimum wage or its newer and more radical cousin, the living wage."
Abstract This paper discusses the effects and implications of paying minimumwage to employees within hotel and restaurantbusinesses in British Columbia. It looks at some of the notable trends that have been observed on the effect of minimumwage in Canada. The paper also discusses the increasing pressure for the government to raise the current minimumwage level.
From the Paper "An interesting trend currently recognizable in BC and other Canadian provinces is the globalization of the hotel industry. For example, many British Columbian hotels are owned by transnational chains. These chains typically pay Canadian workers such as housekeepers, laundry workers and dishwashers a minimum wage, not enough for full time workers "to keep a family of three above the poverty line" (deGroot-Maggetti). Minimum wage workers, often new immigrants, typically have little chance of promotion within the industry (ibid). No wonder the hospitality industry is marked by a "high turnover" (ibid). The low-cost/low-added value approach of Canadian hotels and restaurants to their employees is responsible for maintaining an industry of low-skill/low-wage workers who become quickly dissatisfied with their jobs. With a raise in the minimum wage, at least there would be an incentive for such workers to remain in the industry longer."
Abstract The writer proposes that there are very few business ethic topics that can spark a debate as heated as the minimumwage topic. The writer argues that politicians often use the minimumwage debate as a forum, promising to fight for an annual minimumwage increase based on the cost of living, if they are elected to office. The paper discusses how, while the idea of an annual minimumwage increase, based on the cost of living is good in theory, in practice such a move would have a seriously negative impact on the business world and society in general.
Outline:
Introduction
What Would It Really Mean?
Conclusion
References
From the Paper "In addition to the difficulties that small businesses and their workers will encounter, increasing the minimum wage annually may entice teenagers to drop out of high school to go to work. This will provide short term solutions to their long term need for funding to support themselves and eventually families. Once they have dropped out of high school they will find that they are locked into a minimum wage job that not only pays very little compared to other career choices, but also lacks personal fulfillment that many people desire on their job."
Abstract This paper discusses the minimumwage and, in particular, why it does not work in America today. It looks at how the federal minimumwage was created to ensure American workers received adequate and fair wages during the Great Depression, when jobs were scarce and wages were abysmally low and how, today, the federal minimumwage stirs controversy and ire in many areas of American politics and business. It evaluates how the federal minimumwage has served its usefulness and how many believe there are now better ways to ensure workers receive adequate wages.
From the Paper "Along with job loss, raising the minimum wage can also have severe affects in many other areas of the American economy. A rising minimum wage can make it more difficult for people to return to the workforce from welfare, and it can encourage high-school students to drop out, as many studies have shown, including this one: "Minimum wage jobs are often thought of as 'entry-level' jobs. The evidence in our data supports this view. Among the workers earning the minimum wage in the second year of our panels, 39.4% were not employed in the prior year" (Even & Macpherson, 2003, 676). This seems to support the theory that many high school and college-aged young people are leaving school for jobs."
Abstract This paper looks at a variety of aspects regarding minimumwage. It looks at the laws enacted, the rates set, and exceptions to minimumwage laws. The deterioration of the buying power of minimumwage is addressed, and statistical evidence of this deterioration is provided. Also included is an account of the economic impact of minimumwages.
Brief History of MinimumWage United States MinimumWage MinimumWages Economic Impact
Different States MinimumWages
From the Paper "The minimum wage as part of the Fair Labor Standards Act was passed in the year 1938. The first minimum wage was .25 per hour. However, it has increased over the decades with now as current federal minimum wage $5.15 per hour. But even with the increases, the Coalition on Human Needs has observed that the buying power of the federal minimum wage has deteriorated by almost twenty five percent over the last twenty years (about.com)."
Abstract The paper presents an argument for raising minimumwage increases in higher increments so that inflation does not erode living standards. The paper gives a background and history of the minimumwage explaining the original objective of the minimumwage compared to its current objective. A graph is provided showing the increase in minimumwage since its inception. Arguments are given for and against minimumwage laws. The paper also compares minimumwages in the United States with those in Canada showing how the law affects women and workers in the two countries. The paper discusses whether the minimumwage is appropriate for the future economy.
From the Paper "Minimum wage is the lowest hourly salary that an employer is allowed to pay an employee for services rendered. The Federal Labor board sets the minimum hourly labor rates. The lowest hourly rates are decided by a *collective bargaining, an arbitration and a board action legislation. Minimum wage laws were passed to ensure that employees are reasonably compensated."
Tags: Economy, workers, living, standards, cost, living
Abstract It makes no aims at solving the minimumwage debate, but does hope to provide the reader with a firm footing on the subject whereby s/he will be able to draw their own reasoned opinions and conclusions. For all readers, the unavoidable impression is that minimumwages, along with all price floors, interfere with the operation of market forces. In the case of genuine social problems, this is sometimes a good thing, when the benefits of intervention actually exceed the associated costs. With minimumwages, however, the results do seem to be at odds with the desired outcome. The evidence seems to suggest that minimumwages tend, on the whole, to increase unemployment in the low-skilled labour market; generally the very area that minimumwages seek to ameliorate. So, while the jury is still out on the effects of the minimumwage, it seems fair to say that regions that employ minimumwages should at the very least adopt a more cautious position on their use.
Abstract This paper discusses the issues pertaining to the minimumwage debate. The paper reports that the minimumwage is set by Congress and therefore minimumwage is codified in federal law. Moreover, minimumwage was established as law in 1938 under the Fair Labor Standards Act (FLSA). The FLSA is presided over by the United States Department of Labor and minimumwage can only be changed by Congressional vote.
From the Paper "Many states have opted for the establishment of what are sometimes called "living wages." The living wage is generally higher than the nationally established minimum wage and more accurately reflects the cost of living within the state. State minimum wages are occasionally linked to economic indicators; for example, Florida, Oregon, and Washington State each regulate minimum wage according to inflation rates (Economic Policy Institute). The method of changing a state's minimum wage differs depending on the lawmaking procedure in place in that state. State minimum wage policies may reflect the needs of specific industries within that state. For example, a state with an agriculture-based economy might present different wage policies for farm workers. Specific professions, including tip-earning professions, may also be exempt from minimum wage standards."
