Thursday, August 4, 2016

Minimum wage - should it be raised, lowered or remain the same?


The rise of the current minimum wage is supported by the positive analysis in that the rise would be connected to the improvement of the quality of life. Also, increased wages would help a lot of people to satisfy somewhat their unlimited wants.
However, according to the perspective of the normative analysis, rising the current minimum wage would cause the negative effects on the employers, employees, and economy overall in the long term. First of all, job opportunity would be decreased with the reason that the employers do not want to increase their spending by hiring many employees. Under such a condition, the employers will find a way to minimize their monetary loss. The circumstance is unfortunately connected to the job market in which unskilled employees cannot find their jobs. For employers, it would be a better option to offer extra pay to the skilled employees about taking more job tasks. In addition, in order to complement the loss caused by the increased minimum wage, the employers would try to increase the price of the products. Those situations would finally bring out the negative growth of the economy. Therefore, I do not support to increase the minimum wage.

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