Minimum State Living Wages
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The paper first discusses the advantages of the minimum wage, the main one being that it stops companies from taking advantage of people who want and need to work. The paper then addresses the disadvantages of the minimum wage that center around the argument that when wages rise, prices, unemployment and poverty rise too.
From the Paper:"Every state has wages that they require companies to pay to employees. The federal government also has a minimum wage requirement (Black, 2003). The states can pay more than the federal minimum, but they aren't allowed to pay less (Sowell, 2007). There are some people who do not have to pay minimum wage to their employees. Companies that do not make above a certain amount of money can pay less, and so can companies that only employ family members (Black, 2003). Independent contractors are not considered employees, so they do not have to be paid minimum wage, either (Black, 2003). They can do work for next to nothing, and there is not anything they can do about it, other than not do work for that person or company anymore. For most employees, minimum wage is important. They want to get paid as much as possible, and they do not want to be cheated out of what they should be getting paid (Sowell, 2007). There are plenty of people who get paid more than the minimum wage, and people who only make minimum usually want to see it raised. They think that they will make more money that way, and that they will see a higher quality of life."
Sample of Sources Used:
- Black, John (2003). Oxford dictionary of economics. New York: Oxford University Press, p. 300
- Sowell, Thomas. (2007). Basic economics (3rd ed): A common sense guide to the economy. New York: Basic Books, pp. 210-221.
- Wellington, Alison J. (1991). Effects of the Minimum Wage on the Employment Status of Youths: An Update. Journal of Human Resources, 26(1), pp. 27-46.
Cite this Term Paper:
Minimum State Living Wages (2012, May 20) Retrieved July 06, 2020, from https://www.academon.com/term-paper/minimum-state-living-wages-151045/
"Minimum State Living Wages" 20 May 2012. Web. 06 July. 2020. <https://www.academon.com/term-paper/minimum-state-living-wages-151045/>