The Minimum Wage and its Impacts Term Paper by Nicky

The Minimum Wage and its Impacts
A discussion on the minimum wage and its effects on unemployment, poverty and the economy.
# 148522 | 1,289 words | 4 sources | MLA | 2011 | US
Published on Oct 26, 2011 in Economics (Labor) , Labor Studies (General) , Sociology (Poverty)


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Description:

The paper looks at the history of the minimum wage and explains the difference between the real minimum wage and the nominal minimum wage. The paper outlines the debates among economists and policymakers about the effects of minimum wage on unemployment and the economy and discusses the reasons why unions support raising the minimum wage. The paper also considers the effects of minimum wages on poverty levels.

Outline:
History of Minimum Wage
Real versus Nominal Minimum Wage
Impacts on Unemployment
Unions and Minimum Wage
Impact on Poverty

From the Paper:

"While economic theory predicts that higher minimum wages will lead to higher unemployment, some findings from recent studies seem to be mixed. Even though overall recent studies have found that minimum wage does have negative effects on employment, it's the magnitudes of the effects that have varied across studies.
"On the low end, researchers have predicted that a ten percent minimum wage hike would only cause a one percent increase in the unemployment rate. On the other end, some researchers have indications that the same ten percent hike in wages would increase unemployment by ten percent."

Sample of Sources Used:

  • Gallaway, Lowell and Richard Vedder. "Does the Minimum Wage Reduce Poverty?" June2001. Employment Policies Institute.7May2009<http://www.epionline.org/study_detail.cfmsid=31>.
  • Sherk, James. "Union Members, Not Minimum-Wage Earners, Benefit When the Minimum Wage Rises." 7 Feb2007.TheHeritageFoundation.7May2009<http://www.heritage.org/research/economy/w1350.cfm>.
  • Turner, Mark D. "Does the Minimum Wage Help or Hurt Low-Wage Workers? ." 14 Jan2000. U.S.DepartmentofHealth&HumanServices .7May2009<http://aspe.hhs.gov/hsp/lwlm99/turner.htm>.
  • Wage and Hour Division (WHD). "Handy Reference Guide to the Fair Labor Standards Act ." July 2007. US Department of Labor. 6 May 2009 <http://www.dol.gov/esa/whd/regs/compliance/hrg.htm>.

Cite this Term Paper:

APA Format

The Minimum Wage and its Impacts (2011, October 26) Retrieved November 19, 2019, from https://www.academon.com/term-paper/the-minimum-wage-and-its-impacts-148522/

MLA Format

"The Minimum Wage and its Impacts" 26 October 2011. Web. 19 November. 2019. <https://www.academon.com/term-paper/the-minimum-wage-and-its-impacts-148522/>

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