Alternations in minimum wage

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A. Introduction – Alternations in minimum wage

a. Key points

i. The impact for changing in the minimum wage and employment status

ii. Advantages of minimum wages increasing

iii. Disadvantages of minimum wages decreasing

B. Body – the alternations in the minimum wages and employment status, and what are the advantages and disadvantages

a. Point 1 – impact of changing in the minimum wages

i. Research concept

1. Raising the minimum wage would be a good way to combat poverty.

ii. Research concept

1. Against increasing the minimum wage often relies on creating the illusion of consensus and reducing a complex topic to a simple, open-and-shut case.

2. A pair of supply and demand curves proves that a minimum wage increases unemployment and hurts exactly the low-wage workers it is supposed to help.

b. Point 2 – Advantages in raising the minimum wages

i. Research concept: Raising the minimum wage would increase economic activity and spur job growth.

1. Supporting idea(s) : “Little or no evidence of a negative association between minimum wages and employment.”

2. Connect to next concepts were corroborated by economists Hristos Doucouliagos,

ii. Research concept : Increasing the minimum wage would reduce poverty.

1. Supporting idea(s) : Estimated that increasing the minimum wage is “projected to reduce the number of non-elderly living in poverty by around 4.6 million, or by 6.8 million when longer term effects are accounted for.”

2. Connect to next concept : Study by University of Massachusetts at Amherst economist Arindrajit Dube, PhD,

iii. Research concept : The minimum wage has not kept up with inflation

1. Supporting idea(s) : According to Liana Fox, PhD, Senior Analyst at the Economic Policy Institute, “inflation indexing guarantees low-wage workers a wage that keeps pace with the rising costs of goods and services.”

2. Connect to next concept : Raising the minimum wage and indexing it to inflation would ensure that low-wage workers could adopt a standard of living commensurate with the current economy.

 

c. Point 3 – Disadvantages in raising the minimum wages

i. Increasing the minimum wage would force businesses to lay off employees and raise unemployment levels.

1. Supporting idea(s) : The Congressional Budget Office projected that a minimum wage increase from $7.25 to $10.10 would result in a loss of 500,000 jobs.

2. Connect to next concept : San Francisco’s Office of Economic Analysis said that an increase to $15 would reduce the city’s employment by about “15,270 private sector jobs.”

ii. Raising the minimum wage would increase poverty.

1. Study from the Federal Reserve Bank of Cleveland found that although low-income workers see wage increases when the minimum wage is raised,

2. As explained by George Reisman, PhD, Professor Emeritus of Economics at Pepperdine University, “The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller the quantities of goods and services demanded and the number of workers employed in producing them.”

 

 

C. Summary Paragraph

i. Summary of point 1: Raising the minimum wage would be a good way to combat poverty.

ii. Summary of point 2: Raising the minimum wage would increase economic activity and spur job growth.

iii. Summary of point 3: Increasing the minimum wage would force businesses to lay off employees and raise unemployment levels.

 

 

D. Conclusion – The raising of the minimum wages is bringing many things in economics. There are advantages that are would increase economic activity and spur job growth , has not kept up with inflation and Increasing the minimum wage would reduce poverty. On the other hand, raising the minimum wage would increase poverty and Increasing the minimum wage would force businesses to lay off employees and raise unemployment levels.

 

E. Bibliography – ?

Jin Sim outline (Alternations in minimum wage)

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