The topic of minimum wage got me thinking today about a topic that came up in my economics course. It was regarding the burden placed on businesses in providing wages.
It is known that businesses are targeted for giving employees "low wages". But when referring to the idea of unemployment and minimum wage, some would argue that businesses are providing some welfare to society by paying a minimum wage without it being a moral obligation (this is disregarding that it is in fact a federal requirement). In other words, the argument of having minimum wage or no money (i.e. unemployment) at all arises. Is the correlation between minimum wage and employment that strong? Or should these set of people be grouped differently?
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ReplyDeleteWhile it is true that earning minimum wage is better than nothing, I think there could be changes to this. There are places where living is more costly, requiring a higher income. In such places, the minimum wage may be two or three dollars more than in other states, but even this barely keep some people afloat.
ReplyDeleteRegarding minimum wage, some employers offer it in exchange of excess work at times. Earning a minimum wage vs. no wage helps. This is why some people comply with all of the orders from their employers, even if the orders are immoral or unethical. In a sense, minimum wage is a way for employers to exert more power over employees.