What kind of policy is a minimum wage

Reference no: EM132198860

Question: On the News: Minimum wage policies have been debated since they were first enacted in 1938. Since then a number of empirical studies have demonstrated direct effects of reduced hours and employment. While others have shown that the increased income in turn increases demand for goods and services and therefore the demand for labor, netting a diminished decrease in employment. Recent stagnant wages have caused many groups to push for a higher minimum wage.

Directions: Read the articles below and draft a short essay on the minimum wage. Your essay should draw on arguments from both articles and ideas in the first several chapters of the text. The essay is NOT about your opinion on the policy but instead an evaluation of the economic ideas in play.

On Essays: Essays should be 1-2 pages single spaced not including any graphs or images. Traditional organization is expected: introduction, body, and conclusion. Particularly strong essays will cite additional sources and/or include original work (graphs etc.). Please cite all resources accurately using either APA or MLA format. I am happy to review a draft and provide comments, assuming I receive it with time to respond.

Questions you might address in the essay:

1. Does the policy work (direct outcomes)?

2. What kind of policy is a minimum wage?

3. What are the direct outcomes of the minimum wage in a labor market?

4. How does the policy relate to our conversations on regulation?

5. How would different economic systems address the issue?

6. What incentive changes and unintended consequences are there?

7. What are alternatives to the policy?

8. What are the positive ideas at work? What are the normative ideas at work?

Articles: Minimum Wage with Its Purpose, Pros, Cons, and History

The Great Minimum Wage Debate

What does a $15 minimum wage do to the economy? Economists are starting to find out.

Reference no: EM132198860

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