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Minimum Wage; Does It Work?
Kaplan College or university
Dr . Heather Luea
May 13, 2011
Early efforts by labor unions to make a mandatory bare minimum wage were ruled out of constitute by the U. S. Great Court because they " restricted the worker's directly to set the price for his personal labor". This kind of allowed employers to continue exploiting their workers through the Great Depression of the thirties, when amazing demand for careers caused income to drop even further to an all-time low. With poverty being a huge national issue, Leader Franklin G. Roosevelt assured to constitutionally protect American workers as a key a part of his 1936 re-election campaign(Raising the Bare minimum Wage: Benefits and drawbacks, n. m. ). Lowest wage can be an economic principle with controversy ranging from it is effects on employment, quality of life for the impoverished to the apparent disobedient of bare minimum wage to classic source and require theory. Elevating the lowest wage can be unlikely to lower employment opportunities for the working-poor. A growing physique of equally empirical and theoretical work has called into question this long-held prediction and the simplistic supply and demand theoretical unit from which it can be generated. Hotter models of the way the economy runs suggest that employers are likely to interact to a salary increase simply by improving the skills of their personnel and becoming better, and that somewhat higher salary would be balance by personal savings from reduced turnover and higher productivity. Recent traditional evidence facilitates this more potent understanding of how labor markets operate. Tests of the 1996 and 1997 federal bare minimum wage increases, using different analytical strategies, found the fact that employment effects were statistically insignificant (Parrott J,. & Cooke O, 2004). More over the effects of minimum wage often effect a limited selection of the potential employment pool mainly teenagers seeking part-time work and...
References: Parrott J,. & Cooke U., (2004). Increasing the Minimal Wage in New York, Gathered, April 18, 2011, from www.fiscalpolicy.org/minimumwagereport.pdf.)
Career and the Bare minimum Wage: Proof from Latest State Labor MarketTrends. Gathered April18, 2011, from www.epi.org/publications/entry/briefingpapers_bp150/)
Raising the Minimum Wage: Pros and Cons (n. d. ) Retrieved Apr 18, 2011, from www.minimum-wage.org/raising-minimum-wage.asp)
LaFaive, M. Minimum Salary and Fairness Nov. you, 1997. Recovered 5/7/2011 www.mackinac.org/article.aspx?ID=674
Haussamen, M. Fixing America 's Minimal Wage Program, n. g. Retrieved 5/7/2011 from www.raiseminwage.org/id12.html
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