The Minimum Wage is Detrimental to the Economy
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This paper provides a brief description of both sides of the debate over whether an increase in the federal minimum wage is beneficial or detrimental to workers and the economy. The analysis then argues that decades of economic research and proven economic theory demonstrate an increase in the minimum wage does not benefit workers, businesses or the economy because of untintended consequences in the free market.
From the Paper:"The debate over the economic impact of the minimum wage on employees' business and society revolves around certain economic concepts and theories. Chief among these is the debate over whether government intervention is needed in free markets which many believe come to equilibrium only without such interference. The minimum wage debate also incorporates the law of supply and demand. As Bloomberg economist Caroline Baum notes; "The labor market is no different from any other product market. There is a price...""
Cite this Persuasive Essay:
The Minimum Wage is Detrimental to the Economy (2008, December 01) Retrieved September 19, 2019, from https://www.academon.com/persuasive-essay/the-minimum-wage-is-detrimental-to-the-economy-127123/
"The Minimum Wage is Detrimental to the Economy" 01 December 2008. Web. 19 September. 2019. <https://www.academon.com/persuasive-essay/the-minimum-wage-is-detrimental-to-the-economy-127123/>