Essays on Wages

Minimum Wage

Perhaps, the issue of minimum wage legislation is among the most controversial issues surrounding the ...

Policies on minimum wages in the United States are common in the headlines in the current era. Globally, it has become a common trend and various countries following the ongoing dynamics in economical trends. In the United States, every job has stipulated wages. These policies are governed by the Fair Labor Standards act. Besides, there are other laws, which operate locally to determine the minimum wages for every job. The main goal of these laws is to ensure that every American who is working is paid fairly according to the work he has done. In America, the minimum wages ...

Summary

Minimum wage legislation is a very popular and populist issue. There are both economic and social needs to be addressed in the matter. There are also very highly opposing positions in the discussions.
There are many arguments in favor minimum wage legislation. Perhaps, the most important among them are four rationales: poverty alleviation, reduce wage inequality, employee protection, and economic stimulation. Meanwhile, among the four more important arguments against minimum wage legislation are: increased unemployment, aggravated poverty, increased high school drop-out rate and prolonged unemployment periods, and reduced global competitiveness.
In the light of the present world economic crisis, ...

Abstract

Annual wages of the employees are studied for their relation with several dependent variables to identify the most factors most impacting the variation in the annual wages. This paper attempts to analyze and establish the relationship of annual wages with the number of years of experience. Annual wages are considered to be a function of number of years of experience and there’s assumed to be a positive correlation. This paper tests the relationship using linear regression analysis method between the two variables. Annual wages is considered as the dependent variable and number of years of employment is taken ...

Introduction

The term minimum wage denotes the lowest sum of money paid to workers or employees by employers in a given country or state. Minimum wages are expressed as the amount of money per hour that employees are entitled to from their employers. Calculations and formulation of new minimum wage rates in Florida is effected annually on the 30th of every September (Dittrich, 2011). The employers have the right to decide when they make minimum wage payments to their employees. Notably, the employers are not obliged to increment of employees’ wage rates based on the period that the workers have ...

In Turkey, private versus public wage differences are common. What is not known is the extent of these wage differentials. In developing nations where the major wage employment portion originates from the public sector, the wage differences are common. The public sector can dictate the setting of wages and employment activities in the labor market. It is important to undertake a different analysis of labor markets of the public sector. This paper analyses the private-public wage differentials that prevail in turkey.
The Turkish public sector spending covers the wage bill as the biggest item. This represents a significant concern ...

Introduction

The term, “minimum wage” refers to a lowest payment that an employer is bound to pay to its workers. Today minimum wage is made compulsory in more than ninety percent of nations including Canada where workers are demanding to increase minimum wages for a long time. Minimum wages are revised by governments in order to met growing needs of workers. There is a difference of opinion on the issue of increasing minimum wages among people of Canada. Employers and employees also have difference views on the issue of increasing minimum wage. This paper intends to discuss the issue of ...

Upton Sinclair’s The Jungle

Upton Sinclair’s 1906 novel, The Jungle, covers numerous subjects centered on life in Chicago, focusing on the corruption and collusion rampant during those years between industries such as the meatpackers, the politicians, and criminal underground. It describes the squalid and hopeless living conditions of working-class families, especially the immigrants, the fights and failures of unions, and presents an alternative and negative view of capitalism as well as arguments for socialism. The book became a best seller but not for the reasons Sinclair hoped, its socialist message overshadowed by the graphic and sickening descriptions of working conditions in the ...

Low wage living has become a common problem in the United States. This class of workers earns wages that cannot meet their daily basic needs. As workers, they face a lot of problems. Some people argue that low wage workers are unskilled employees. However, this is not true. The workers use a lot of energy and mental conentartion in the performance of duties. These employees also work in risky conditions and can be easily injured in the environment they work in. The other employees also mistreat them by giving them additional tasks. These people are very important in organizations. ...

The wage fund concept is a doctrine or expression which was developed by Stuart John Mill and other contributors of economic theory and political economist in the 1800s. This theory seek to show that any amount that an individual earns as a salary/ wage and which is paid to him/her from a certain amount of funds that is fixed and available to him every year is usually determined by the association of capital and wages to any population change(Spiegel 300). Therefore, the wage fund model developed by mill is as follows;

Wage= Capital/ population

This ...

There is no doubt that the issue concerning the effects of minimum wages on employment has a subject of debate in many debates and equally generating varied interpretations in many economic debates (König, and Möller 716). This paper discusses the economic arguments for and against the minimum wage and incorporates graphs of the labour market showing the impact of a minimum wage in monopsonistic and perfect competition markets. Whereas proponents of minimum wage argue that minimum wage enhances worker commitment, encourages equality in income distribution, aids in reduction of worker exploitation, and reduces government’s expenditure on ...

Minimum wage can be defined as the lowest daily, hourly, or even monthly payment that employees can legally be given by employers. This is defined as the lowest wage in which employees can sell their labor. It is the statutory remuneration that is fixed by the Agricultural Wages Advisory Board and the General Wages Advisory Board or any other council of any sector which has been established by the ministry of labor. Constitutional minimum wages were suggested in order to control the explosion of different sweat shops and especially in manufacturing industries. Sweat shops were known to employ large ...

- Position Statement Topic: Eliminating the minimum wage
- Minimum wages should be abolished
- Economic arguments against my position:
- Setting minimum wages that are relatively higher that the unemployment support income would force the unemployed (especially those who are inexperienced and without skills) will be forced to not only gain both skills and experience, but also find employment.
- This takes the burden of unemployment support off the taxpayers and boosts efficiency in the economy (Novak 1).
- Minimum wages protect vulnerable laborers from exploitation by firms, especially since low-skilled and inexperienced employees have low bargaining power, lack ...

The labor market is constituted by the employers and employees. The two distinct categories of people ensure that the goals set in any organization are achieved and accomplished. The minimum wage laws in any state categorically state the lowest amount of wage that a person can be paid for a stipulated amount of time when he or she is engaged in useful employment. The canons depict the minimum amount of wages per hour that are payable to any stipulated group of workers. In the United States, the Act has been enacted to ensure that the minimum wages set are ...

Medicine

Stakeholders
Stakeholders in a business environment are not merely those who have a stake in the profitability of the business entity. Seen in the expanded framework of corporate social responsibility, stakeholders are all parties affected by the behavior of a corporation; this may include stockholders, employees, customers and the public at large (Shaw, 2014, p. 160).

Key Characteristics of Stakeholders

Stakeholders may be internal to the organization or may be outside it. The level of knowledge of stakeholders regarding the company policies may vary from minimal to comprehensive. Their attitude towards the organization may be positive, neutral or antagonistic. The stakeholder’s self-interest ...

WalMart Stores Inc. is the largest private employer in the United States of America. Over the years, WalMart Stores Inc. has expanded across the globe acquiring a multinational status. Indeed, WalMart plays a significant economic role both within and outside the United States of America. As such, naturally a lot of focus is placed on the corporation. Business and legal pundits have analyzed the conduct, performance and structure of WalMart with a keen interest to observe its ethical practices. From the outset it is imperative to note that the multinational has not had a clean bill of health. It ...

Employee Union protects interest of employees in terms of compensation, fringe benefits, working environment, conditions, overall cost to the company and pay inequalities. The findings presented by Julianne Treme suggests that Union does not play a major role in respect of wages though he accepts union’s role in ensuring good working conditions, securing job, and other civil rights of the workers. This paper discusses the research done by Julianne Treme, analyses his findings further and presents a conclusion which contradicts as well supports the research work of Julianne Treme.
“The wage rates, fixed between the union and the ...

Abstract

The paper focuses on the development of taxation based on contributions of  Ricardo, Smith and Petty. They both developed the taxation idea from Locke’s theory of a single tax on rent. Their major contribution was on the incident tax, which demonstrates value system, power relations and group interests on taxation. Finally, the paper analyzes how taxation influences economic decision in the 21st century.

Introduction

The development of political economy in the 17th century was characterized by an effort to flee from Locke’s theorem that all taxes would eventually fall on the rent of land as well as his ...

Abstract

The right to work laws, as provided by the Taftharthartley Act, protects employees from compulsory unionism. The American workers under the legislation have a right of association both financially or membership. The Right to Work law is currently used in twenty states. It is essential to analyze how the law works, for instance the channels of justice used in implementing the formulated regulations. Analyzing whether the law is for or against unionism helps to clear the prevailing misconceptions. The effect of the Right to Work legislation can be helpful in determining its essence in the member states.
The proponents ...

[First Last Name]

English [Number]

[Date Month Year]

I consider the arguments of Benjamin Powell and Matt Zwolinski (1 – 24) in the defense of sweatshop labor relatively solid and convincing. I agree with all the philosophical arguments that they forwarded except in minor areas in their supporting arguments. As such, this essay is largely a rejoinder of their arguments with additional supportive points that may strengthen their pro-sweatshop labor position.
I agree that the labor market for sweatshops continues to be competitive, and the prima facie proof that the sweatshop employment was the best alternative accessible to them rests on the ...

Statement of the problem

The minimum wage is a controversy subject when it comes in receiving wages, as most workers will come to an agreement that, one can never be paid enough. Nevertheless, employers may cause problems with that declaration, believing that they pay greater than the amount entitled to the employees, hence creating a conflict between minimum wages.Arguments supporting raising the minimum wage In my opinion, I consider that it would be a good impression to increase the minimum wage. The motives behind this is because the cost of living has gone up to the level where individuals are not making adequate ...

Poverty has been attributed to low income, low wages and unemployment. The provision of a wage by the current federal law has been pinpointed as a means of control in order to reduce the working poverty level. However, the question of whether raising the federal minimum wage will work at improving the current population poverty rate is still an impending topic in the United States. Productivity in an individual firm is determined by the available work force. The raising federal minimum wage has adverse effects on the businesses and the country’s economy. State policies to increase the payroll ...

The wages that are paid to workers in the construction industry vary due to different factors. The factors that affect the determination of wages in the construction industry include performance of the workers, the ability of the workers to deliver high quality work, the demand for workers in the economy, and the supply of the workers in the economy (Finkel, 1997). These factors contribute highly in the determination of the wages that the company will pay its workers.
The performance of the workers in their areas of responsibility determines the level of wages that these workers are paid. Workers ...

Section 1

Civil case
The bankruptcy case between a bakery and a bank
In this case, the claimant (owner of a bakery) instituted a civil action against a bank and others before a court in Abu Dhabi. The claimant sought a declaration of her bankruptcy. She also prayed the court to issue an attachment order in her favor against the property of the bakery. Her real intention was that upon the property being attached, it would be subjected to a count of inventory. This would mean that the property would be placed under administration. The property could also be sold, and ...

Introduction

David Ricardo (1772–1823) – is one of the greatest economic theorists of English classical political economy, the last and the most famous representative of the classical school of bourgeois political economy in England.
The theoretical views of Ricardo are stated in the most complete form in his magnum opus – "On the principles of Political Economy and Taxation", the first edition of which appeared in 1817. Ricardo's "Principles" – is a political and economic writing. It has put forward his author to the range of important representatives of classical economic school.
Ricardo`s aim is to discover economic laws of the ...

For rural dwellers, urban environment has always presented unique challenges and fascinations. This is primarily because of the reason that urban life offers more opportunities to its residents, both in terms of finances as well as chances to growth. There was a time when the rural people use to move, putting it more technically migrated, to urban areas in search of better job opportunities, thus getting access to higher wages. There is a concept of wage premium that is linked with big metropolitan cities. It is precisely this concept working behind the notion that the earnings of workers tend ...

Writing Assignment #3:

EconS 102
Thee Downward Rigidity of wages
This paper answers the following questions prtaining to the downward rigidity of wages: (1) If prices are broadly flexible, wages are flexible upward, but wages are sticky downward, what are the implications for how long it takes the economy to return to full-employment equilibrium when there is a recessionary gap versus how long it takes to close an expansionary gap?; and (2) Suppose the government sets tax rates and transfer payment eligibility requirements so that the budget is balanced when the economy is at full employment, in surplus when inflationary gaps are ...

Introduction

The paper discusses the implication of upwardly flexible, but downwardly inflexible wages and how long it takes to recover from recessionary and inflationary gap. The second part of the paper focuses on how this rigidity of wages limits the balancing of the cyclic budget.

Question 1

In case of recessionary gap, the economy is operating under the full employment in the short-term. This is because of the fact that the wages are so high for the firms to employ more workers. Since wages are flexible upwards and sticky downwards, it would be difficult to lower the wages in order to attain ...

Introduction

Labor union can be described as an organization or an association of employees. These employees come together with the aim of advancing their direct and indirect benefits. The direct benefits include wages or salaries, sick off and paid leaves. While the indirect benefits involve security of tenure, better working hours, security in the work place and involvement in decision making. (David .G etal 2004)

Labor unions brought the concept of collective bargaining. Collective bargaining is an agreement between workers representatives and employer representatives. They set terms and conditions of work which are usually in written form. (Gorman, 1976). ...

Herb Kelleher, the former CEO of Southwest Airlines, provided growth of the company using his flamboyant leadership style and extraordinary approach to team making. Southwest Airlines pioneered in the low-cost segment of the market. From 1996 to 2012 the company almost doubled the number of cities served. The operating income of the company had grown by 1.55 times in 2012 if compared to 2008 while its net income made up 2.37 times greater in 2012 in comparison to 2008. Thus, the company had grown significantly, but the growth outstripped to the maturity stage. The previous growth resources were exhausted ...

1. Current U.S. Unemployment and Low Wage Rate

Thesis Statement

In the economy of the United States, the rise in wage rate is less, but unemployment is becoming high in the labor force.

Explanation in the light of Economic Concepts and Theories

Considering the article Yellen Sees Muted Inflation as Unemployment Curbs Wages from Bloomberg Businessweek, written by Jeff Kearns, The long term unemployment is constantly dominating the economy of the United States, due to which the people are facing difficulties in order to enter the job market, and this rise in unemployment is exerting downward pressure on the wages. People have to work on the lower wages due to ...

The media report presents the effects that the policy that the Australian government has taken. According to the media, the government has raised the minimum wage payment to the workers to $15 per hour.

Highlight the reason for the issue being raised

There are several reasons for this move. In the first place, the standards of living have been increasing over years whereas the wages of the employees have remained fixed. The increasing price of goods and services in the economy is the reason for the increased standards of living of the people. The other reason for the move is the increased productivity of the workers. According ...

Pauper labor argument is a view that has been presented in that a country with high wages loses when it imports from another country, which has low wages since it will presumably low wages in such a country. However, the view ignores the aspects of low and high productivity in a country, in the determination of the wages paid in any country. The countries with high productivity will have a competitive edge over the countries with low productivity, hence gaining from the trade. The concept states that when a country imports goods from an economy where the workers are ...

Cookbooks are products that are thought to create health problems to many people. As a result, the government has resulted in taxing the product as a way of reducing the consumption of the cookbooks. This type of tax is called sin tax. It is a tax that is usually imposed on products that are thought to be harmful to the people. Similar tax is levied on cigarettes and alcohol. When sin tax is levied, the supply of the cookbooks reduces. This is because the price increases hence the demand reduces because the consumers shift to other similar products. Therefore ...

Wilding is a term coined by Charles Derber in his book “The Wilding of America: How Greed and Violence are Eroding Our Nation's Character”. In the book, Derber tackles the concept of the American dream and how individualism is glorified at the expense of the common good. Success as depicted in the American dream is tantamount to the amassing of material wealth gained by doing everything within one’s power to achieve it regardless of harm caused to others. Derber regarded this phenomenon as wilding and defined it as a degenerate of individualism which encompasses a variety of antisocial ...

Business Study Skills Individual Report

Abstract
The study investigates the economy performed in Japan over the last decade. The studies have shown that there has been an increasing based on an unmanageable model of unbalanced economic growth. The study finds that there was a surprise fall in GDP from 2.1% to 1.6% in Japan due to debt brought by household consumption and increase in sale tax. This has made Japan’s economy to shrink. The government expenditure has developed by 29%, which outdo the rest of the economy growth. There is actual prove that there was a fall in GDP of business investments from ...

Introduction

Minimum wages have previously drawn condemnation from some economists who view it as an arbitrary price-fixing strategy by the government that serves to distort the market and entrench inefficiencies. Political and economic debate remains as to whether minimum wages should exist at all, and if so, whether the wages should be increased. In order to bypass Congress’ intransigence over the issue, President Obama signed an executive order in February 2014, imposing minimum wages of $10.10 on all federal contractors. Since then, private employers including fast food restaurants have strenuously resisted pressure to follow suit arguing that increasing the minimum ...

Globalization has allowed the freer movement of goods, services and even ideas throughout the world. It does not refer only to trade but to communication as well. New media and technology has allowed people to transcend barriers in communicating to one another. Communication and even delivery of certain services can be done in real time no matter how distant the countries of the client and the service provider are. Globalization also had an effect of liberating consumers. Quality goods from all over the world are available to consumers at lower cost. These are some of the positive impacts of ...

Introduction

Foxconn Technology Group is a Taiwanese company that manufactures and assembles many products of Apple, including iPad and iPhone in China (Hays, n.pag.). The number of people employed by the company is over 0.1 million. However, the company has been in news recently for being alleged of unethical human resource practices and inappropriate treatment of employees. The objective of this paper is to understand the pros and cons of Foxconn issue through article review.

The paper is divided into four sections. The first section deals with analysis and evaluation of arguments in favour of the issue through an identified ...

Labor Market

The labor market is a nominal market where workers seek work in exchange for payment; employers seek for willing individuals to work. The wage rates are usually determined by the labor market forces of demand and supply. Labor markets could be national, local or international. All the three scopes of labor markets are composed of small labor markets. The small markets interact in terms of aspects such as skills, qualifications or geographical locations. The labor markets rely on the information exchange between potential employees and employers concerning wage rates, competition levels, and conditions of employment and the location of ...

“The Other Gender Gap: Why Women Still Fail to Receive Comparable Wages for Comparable Work”, is a literary masterpiece by Naomi Barko, and describes the reasons why women still fail to receive comparable wages for comparable work despite possessing similar skills and experience as their male counterparts .The literary work also gives possible solution she recommends to deal with this issue of gender inequality in places of work (Lunsford and Ruszkiewicz 621).

In her literary work, Naomi Barko poses the question/problem that in the contemporary society, women and men are not similarly paid for equal work. The author emphasizes ...

The United States government has been facing challenges in controlling the illegal immigrants who enter the country through the Southern Border. The Federal government has been tasked with the mandate of protecting the border however due to its wide territory it has been facing several challenges. The States that have been facing the border have enacted laws to assist them to deal with the crisis. The State of Arizona came up with laws that have stirred up high emotions across the country. Statistics show that in the year 2010, 450,000 illegal immigrants managed to enter the country through ...

Although many economists have addressed public-private wage differentials both in developed and developing economies, but the issue of inequality is more important primarily in developing countries where public sector usually comprise of a major part of the wage employment. Thus, the difference in public sector and private sector employment could influence wage settings. This, paper will be considering the public-private wage differential in Turkey. The data which we will use to explain the wage differential, will be an individual level data to explain the employment sector selection and the wage differentials in the public and private sectors. Turkey, where ...

Counter Argument: America is a diverse nation, which has built itself up through various struggles and valor. People of America need to have best of the resources as the land of dreams promises it, and government cannot let jobs to be outsourced to other nations. There should be more job opportunities American citizens inside the country at current prices rather than being outsourced to Asian countries, and then only, America can compete with China. There should be encouragement for American industry and more buyouts be introduced by the government to uplift it better performance. However, this whole function does ...

Instruction

Introduction
This paper explores the concept of managing compensation within organizations. It is based on the premise that equitable compensation is a great part of theory but experiences challenges when put into practice. Through an interview with a Human Resource Manager of Hawk International Company, the paper will be able to explore the practical part of managing equitable compensation and compare the findings with the theoretical aspect found in literature.
Managing compensation is a critical aspect of human resource management. Employers have to plan in advance to compensate employees who show exemplary work in their organizations since it is ...

In the early years of the industrial revolution which was before the civil war, women used to be laborers. This happened before the end of slavery. Women used to work under very poor conditions in the textile mills. According to this case, the women had been treated as factory laborers and slavery prevailed in this era.
The industrial revolution which attracted a lot of women to go and work in the textile factories started in 1820 in the New England and ended in the year 1850. These factories where the laborers worked on were in between the Merrimack and ...

The Pauper Labor Argument refers to the idea that countries are misguided in importing from low wage countries. Many feel that the need for countries to compete with these lower wages causes wages to drop in their own country. This is in contrast to the idea that trade benefits all of the countries involved. With competition from other countries increasing, the idea of the Pauper Labor Argument has been in the forefront of economic consciousness.
Even though the Pauper Labor Argument raises some very valid points it also has some fallacies. The argument assumes that wages and the cost ...

Poverty & Wages

Question a

Poverty can be defined as a condition of inability to live normal life because of existing economic conditions. Currently, there are several root causes of poverty in the world. They could be classified as individual or aggregate causes of poverty. Individual causes are those that affect an individual person while the aggregate ones are those that affect the whole population or economy. The causes of poverty may or may not have remedies.

Low levels of education and lack of skill is one of the root causes of poverty, especially in the developing countries. Lack of proper education ...

Introduction

“Sweating” was an original 15th century term which was a metaphor for a severe labor exertion (Wilson, p. 1). This term got to be associated with garment work during the 1830’s (p. 1). The “sweatshop” was initially defined in the 1890s. It became popular during the 19th century as a “system of subcontracting by which rival manufacturers distributed work to contractors. These contractors, then, turned to other rival contractors and subcontractors to complete the jobs. Since fast work was required and the products were anticipated, the contractors and subcontractors would “sweat” as much labor from their workers. Under ...

Executive summary

There are several factors that are generally considered in the starting of a business. These factors include availability of capital, skills available, location of the business among others. In an advanced level, one should also consider the tax implications of starting each particular business. ...

THE GREAT DEPRESSION

The Great Depression

During the time of great depression, there was a sharp increase in demand for labor however the supply for the jobs significantly decreased. According to the law of Supply, the more the wages available, the more people would want to work. Since people are not willing to work under conditions whereby there are low wages, the number of employees willing to work during this time reduced significantly as the wages was also low. During this time, the employers’ response would be to hire more workers thus increasing the number of employees and hence paying much lower wages. The main ...

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Globalization of corporations has affected the geography, people and the economic system. It is not surprising to understand that globalization has developed across borders to progress in trade; however globalization has not been beneficial for the people as the advantages of globalization are savored only by the corporations. The present approach of globalization has made people lose their national identity. The developed nations, for example, United States is considered to provide good living standards, and job opportunities ...

Economic Naturalist Writing Assignment

A serious issue of current US economy is stagnant wages despite consistent increase in new jobs created by US employers and subsequently a decline in unemployment across USA. The paper will explain the impact of stagnant wages on life of a common man in USA with the use of relevant examples.
Stagnant wages means either paltry or no increment in salaries and wages of an employee because employers are not inclined to increase their costs by increasing their salary budgets. From a common person’s perspective, the scenario adversely impacts one’s household budget and living standard because the ...

Introduction

Multinational corporations face numerous challenges in their efforts to strike a balance between corporate performance and human rights. These challenges occur because of non-existence of clear international standards and rules. Questions arise as to what action should be taken as well as who should implement the action to ensure the basic human rights. Despite the absence of clearly defined international standards for regulating the behavior of multinational companies, consequences of violating basic human rights have in the past adversely affected these companies (Sutherland, 2012). They have now become cautious when dealing with the stakeholders to ensure that they meet ...

- Introduction
Gender inequality in the US has gone through phases of change in the last five decades. The inequality in composition, type of work and wages between men and women is due to a number of factors. These varied explanations arise from varying situations existing at different periods. Researchers have viewed the problem from varied angles as well. There are a number of literature from the past to the present on this issue. A survey of the literatures allows us to divide the various explanations and analysis of gender inequalities in labor force into a few categories. We ...

Currently, one of the most heated topics of debate, capable of eliciting a strong and emotional argument, is how to best address the masses of illegal immigrants currently residing undocumented within the United States. With an estimated eleven to twelve million illegal immigrants currently living in the United States, the question of how to deal with individuals who are living and working in the country illegally is certainly no small one (Bardes 146; Schmidt 81). The basis for various viewpoints range from calm and logical economic analysis to the more primal: an impassioned and territorial, if not aggressive need ...

ECON 30423

Economic Implication of the Black Plague
Abstract
Britain and Europe, during the early ages were economically strong. With the growth of industries, job opportunities rose and there were jobs for all people in that region. However, this was short-lived as the Black Plague caused considerable damage to lives and economy. The Black Plague almost wiped out the whole of civilization and this period was one of the darkest periods in Europe’s history.
Keywords: Black Plague, Europe, labor, environment, upheaval, industry

ECONOMIC IMPLICATION OF THE BLACK PLAGUE

Abstract
“The plague had large scale social and economic effects, many of which are recorded in the introduction ...

Hernderson’s article is different from Sherk’s in the way Hernderson views the effects of increasing the minimum wage. Sherk argues that the effect of increasing minimum wage is the reduction of people in full-time minimum wage jobs and increased difficulty in landing these jobs for those seeking them. According to Hernderson, the effect is increase in teenage dropouts, reduced competition, and reduction in benefits for those who remain in their positions, as well as unemployment and reduced job opportunities. Hernderson explains that economic studies indicate that increase in minimum wage entices teenage students to drop out of ...

My research topic is imperfect competition in labor market. I started to search about the studies about the effects of a firm’s monopoly or monopsony power on wages and hiring. I evaluate my paper with the major features of U.S. labor legislation which is about the evolution of the labor union movement, the effects of wage discrimination on the efficiency of the labor market and the overall effects of unions on economic performance. Imperfect competition means perfectly competitive markets which maximize ...

David Ricardo is renown economist who advocated for international trade based on comparative advantage of a country. The main tenets of his discussion were to disagree with Adam Smith tenets of concentration of wealth within a country. Ricardo mainly advocated for a free trade where goods and services were allowed to flow from one country to another but on the assumption that the level of technology is constant (Peach). Through the concept of comparative advantage, he suggested that trade between two countries has a positive impact on their real incomes. He compared this to the simple idea of evolution ...