Minimum wage consequences

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Cunningham (2007) addresses the consequences of a minimum wage. According to the speaker, minimum wage helps to lift the minimum wage of low-wage workers and households, and the costs that minimum wage brings up are borne by organizations by price rises and reduced turnover costs.

According to the World Bank reports, there is a correlation between the consumer price index and the minimum wage. Different states use this relationship to measure the rate at which the lowest wage is increased. DeSilver, D. and DeSilver, D. (2017). 5 facts about the minimum wage. [online] Pew Research Center. Available at: http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/ [Accessed 11 Mar. 2017].

DeSilver, D. and DeSilver (2017) analyses the history of minimum wage. According to the authors minimum wage curbing in the USA first took place in 1938. By then the minimum wage was set at 0.25 dollars in every hour.

Flinn, C. (2010). The minimum wage and labor market outcomes. 1st ed. Cambridge, Mass.: MIT Press.

The author discusses the implication of minimum wage. The minimum wages tends to affect an individual’s ability to work. From an economical point of view the more unemployment benefits that any organization offers, the incentive there are to work.

Kosters, M. (1996). The effects of the minimum wage on employment. 1st ed. Washington, D.C.: AEI Press.

Kosters (1996), discusses the effect of minimum wage on household. According to the author expanding the minimum wage will mean that people will be able to take care of their needs without much reliance on the government support programs. Therefore the funds can be channeled to other ways.

PACHECO, G. (2011). Estimating Employment Impacts with Binding Minimum Wage Constraints. Economic Record, 87(279), pp.587-602.

The author discusses the economic impact of minimum wage. Any slight increase in minimum wage acts a monetary incentive that will attract more labor force in the labor market. With low minimum wage, people may tend to find welfare more attractive to be more relevant and even interesting than working for the low poverty incomes and having other benefits and medical being taken away.

Providing for the consideration of H.R. 3081, the Wage and Economic Growth Act of 1999, and H.R. 3846, a bill to increase the minimum wage. (2000). 1st ed. [Washington, D.C.]: [U.S. G.P.O.].

Pacheco (2011) discusses the disadvantages associated with increase in minimum wage. This might trigger a chain of economic crisis resulting in increased costs of living a factor that will make the government to furthermore raise the wages.

World Bank Blogs. (2017). Minimum Wage. [online] Available at: http://blogs.worldbank.org/category/tags/minimum-wage [Accessed 11 Mar. 2017].

The world bank website analyses the consequences of minimum wage to the general economy. According to the website minimum wage serve as an economic stimulus since it puts more money in the pockets of people.

References

Cunningham, W. (2007). Minimum wages and social policy. 1st ed. Washington, D.C.: World Bank.

Data.worldbank.org. (2017). United States | Data. [online] Available at: http://data.worldbank.org/country/united-states [Accessed 11 Mar. 2017].

DeSilver, D. and DeSilver, D. (2017). 5 facts about the minimum wage. [online] Pew Research Center. Available at: http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/ [Accessed 11 Mar. 2017].

Flinn, C. (2010). The minimum wage and labor market outcomes. 1st ed. Cambridge, Mass.: MIT Press.

Kosters, M. (1996). The effects of the minimum wage on employment. 1st ed. Washington, D.C.: AEI Press.

PACHECO, G. (2011). Estimating Employment Impacts with Binding Minimum Wage Constraints. Economic Record, 87(279), pp.587-602.

World Bank Blogs. (2017). Minimum Wage. [online] Available at: http://blogs.worldbank.org/category/tags/minimum-wage [Accessed 11 Mar. 2017].

November 09, 2022
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