Asked by: Min
economy, minimum, poverty, wage, worker
Help me to write my essay on “Does minimum wage help or hurt the economy?”
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Jennifer on Mar 11, 2011
Before I write my essay on this topic, we need to be clear with the term “ minimum age.” A minimum wage is the lowest hourly, daily or monthly pay that the employer needs to pay to his worker. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage say that it increases the standard of living of workers and reduces poverty. Opponents say that if it is high enough to be effective, it increases unemployment, particularly among workers with very low productivity due to inexperience or handicap, thereby harming lesser skilled workers to the benefit of better skilled worker.
Supporters of minimum wages say that if the worker is paid well they put more effort to their work. They are tension free and can give their best result. The workers meet their family’s basic needs and are satisfied with the work. At the same time the opponents says if they are paid that minimum wage, they have enough money and so they do not put enough effort to get more better results.
The fact about the wage with economy is that if the minimum wage is more the inflation will surely be more as the prices of good will increase. Increase of minimum wages may also reduces quantity demanded of workers, either through a reduction in the number of hours worked by individuals, or through a reduction in the number of jobs.
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