Wage College Essays Samples For Students

Abstract

The objective of this paper is to analyze the impact of minimum wage laws on the economy as a whole. We have studied the background of minimum wage laws to understand the rationale behind the imposition of such rule. Though we find that the objective of imposition of the minimum wage act have only been partially satisfied as the benefits are hardly received by the poor workers, the benefit for the society as a whole is quite significant. Except for some loss in jobs in some industries the overall impact is positive as it induces more skill formation and ...

INTRODUCTION

The least amount of money offered to the workers in order to remunerate them for the tasks which they perform is called as the minimum wage rate (Saget, 2008). The wage rate offered to the workers is paid as suggested and prescribed by law. Usually the wage rate is denoted by hourly remuneration, and this rate is offered to the workers (Schulten, 2008). The legal authorities of the area are the ones which determine and negotiate the minimum wage rate which is permissible. The collective bargaining process includes the government regulations and this process specifically aims at proposing the ...

The concept of full employment, or the natural, frictional, and rate of unemployment plays a central role in macroeconomics and its policy. Let's start with natural employment. The determinants of the natural rate of unemployment are duration and frequency of unemployment. The duration of unemployment depends on cyclical factors in addition to the structural characteristics of the labor market. The organization of the labour market including the presence or absence of employment agencies , youth employment services. The demographic makeup of the labour force. The ability and the desire of the unemployed to keep looking for a better job which ...

There is no doubt that the issue concerning the effects of minimum wages on employment has a subject of debate in many debates and equally generating varied interpretations in many economic debates (König, and Möller 716). This paper discusses the economic arguments for and against the minimum wage and incorporates graphs of the labour market showing the impact of a minimum wage in monopsonistic and perfect competition markets. Whereas proponents of minimum wage argue that minimum wage enhances worker commitment, encourages equality in income distribution, aids in reduction of worker exploitation, and reduces government’s expenditure on welfare; opponents ...

Jane Doe

As an election year approaches in the United States in 2016, debates on minimum wage laws are a topic of discussion for some of the running candidates. For example, Bernie Sanders, who is gaining popularity among so many young voters promises to raise the minimum wage to $15 per hour if he wins the election. The importance of minimum wage laws is crucial to discuss on various levels. A large percentage of the population struggling to get by is left behind as minimum wage remains below an amount that is sufficient for living wage of life in 2016. In ...

Introduction

Managing human resource is critical for any organization to deliver value to its customers, employees, shareholders and other stakeholders. Some of the aspects of human resource management include; recruiting, developing, motivating and compensating employees. Effective HR management also requires an understanding of broader issues that affect a business such as legal issues, socio-economic issues and globalization. This paper seeks to evaluate four critical aspects of HR management by review different articles. The four aspects are; minimum wage, training, group compensation and recruitment

Minimum Wage

In most countries, including in the United States, there is a legal provision on the lowest amount an employer ...

Introduction

There is no state decided minimum wage in the state of Tennessee; therefore, they follow the federal minimum wage. Therefore, there is no promised wage law in the state that requires states to pay their wages promptly. Like many other states throughout the United States of America, FLSA (Fair Labor Standards Act) applies to Tennessee workers set according to the Federal Minimum Wage and Labor Law. According to federal minimum wage in 2015, businesses throughout the state of Tennessee need to pay $7.25 per hour. The majority of workers in Tennessee gets $7.25 per hour for their daily labor ...

A minimum wage is the minimum amount of remuneration which may legally be paid to workers. In other words, it is the minimum price below which people are not willing to sell their labor as it will be illegal. In the USA the minimum wage is determined by a body of laws stated in federal, state, and local statutes. Such legislation is introduced nowadays in almost 90 % of all countries. Other countries, which have no minimum wage law, such as Denmark, Sweden, Austria etc., rely on binding collective bargaining regarding this issue.
The minimum wage has an impact on ...

Introduction:

In today’s modern economy, a decent wage is an important part of the social fabric and makeup of the said economy. There is a substantial debate going on whether this wage should be raised since it currently stands at just $7 an hour in the United States although some states have already passed certain measures to increase this wage. New Jersey has been one of the first states to raise the minimum wage from $7 to $8.25 an hour, and this has also been indexed to inflation to avoid shocks to the economy. There are other states such as Washington ...

Kingsborough Community College

Identify the Problem
The problem is about the minimum wage experienced by most of the people working in public or private levels. Minimum wage is one of the challenging actual problems faced by many companies; however, there is always a possibility that this type of problem can be solved accordingly.

Explain the Problem

Minimum wage as an actual problem faced by many companies in public and private levels, probably the most talked about problem in the community. This problem does not matter how big or small is the company, it usually occurs when work and wages are involved. However, minimum wage has a ...

Should Minimum Wage be raised?

Minimum wage refers to the lowest pay that is allowed by the legal authority to be given to the employed people (US Department of labor, 2010). It is the minimum compensation that an employed person receives after performing a certain job. Since minimum wage is set by the legal authority, it is illegal to pay an employee less than what is stated as the minimum wage in the country. In this connection, the minimum wage protects employees against exploitation from the employers. The minimum wages in various nations have faced a hot debate. This debate is based on three objectives; efficiency ...

Position statement topic: Eliminating Wage Bill

My position
The government should eliminate the minimum wage in order to pave the way for economic development and growth. Every government has a certain level of earnings set for its employees by the legislation. The issue of employment has been debated in the government for centuries and yet no solution has been reached.

Economic arguments against my position

- Implementing the minimum wage bill helps reduce poverty among low-income earners
Minimum wage favors low earners who face exploitation and discrimination in workplaces. Every firm has the responsibility of ensuring that their employees get enough compensation to cater for daily needs. The level ...

A controversial subject that has been examined by several news outlets in recent months pertains to the debate about wage controls. Some argue that the minimum wage should be increased to help those with jobs to earn a “living wage.” Others argue increasing minimum wages will result in increased unemployment. Additionally, the government and some local and state governments have already increased minimum wages for government workers and have proposed increasing wages that private firms must pay their employees. If such wage increases indeed lead to increases in unemployment, then the result could be an increase in government transfer ...

Intended Purpose: To convince the audience that the minimum wage in the US is not enough and that it should be raised.

Central Idea: Raising the minimum wage in the US

Introduction
Attention Getter: How many people can honestly confess how much they are paid at their jobs? Very few people because they are receiving petite earnings and am sure that no one will say no to being paid a few more dollars, right.
Thesis: Raising the minimum wage in the US has been one of the most frequent asked questions. Scholars have different arguments on the topic, but it is important to note that, raising the minimum ...

The minimum wage debate is an issue that the government, employers, and employees contend with. For a long time, the minimum wage has remained the same, increasing the concerns as to whether it rightfully compensates workers. Whether to increase minimum wage is an economical concern as well as an ethical concern with different stakeholders involved. To decide on whether to increase the minim wage or to adopt a multi-faceted approach, the paper will apply the utilitarian, justice and common good frameworks.

Does increasing the minimum wage offer equality?

The low and stagnant minimum wage has contributed to the huge gap between the rich and the poor ( ...

Article Summary

Dorfman, Jeffrey. Almost Everything You Have Been Told About The Minimum Wage Is False.
Forbes, 1 Jan. 2014. Web. 9 Feb. 2014.
The article is about the minimum wage in America. He contends that, despite the determination from, the liberals, democrats and their union supporters to have the wage increased, almost everything about minimum wage is false. The author has reinforced his opinion by stating that the discussion over minimum wage only affects some people. The article provides that there are 3.6 million workers earning the minimum wage or below the minimum wage. That 2.5 percent of ...

Introduction

There exist multiple factors that influence the level of reward paid to different workers. The wage rates, just like prices of other commodities are greatly determined by the forces of demand and supply. The kind of economic significance attached to wage differentials cannot be overlooked since they have a direct influence on the distribution and allocation of economic resources. Workers with equal abilities in a competitive market receive rewards that are meant to cancel out the non-wage differences between their jobs. These differentials represent the variability and diversity of abilities of different workers both physically and mentally to contribute ...

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Abstract

Of economic theory known such a thing as discrimination in the labor market . Discrimination on the labor market is the practice of hiring , which leads to differences in wages for equally productive workers . In the presence of wage discrimination against certain groups of workers is lower than that of other groups doing the same work with the same qualifications. Entrepreneurs often accused of discrimination on grounds of race , sex, age , disability , religious beliefs or ethnic origin .
Discrimination affects the functioning of labor markets . It generates differences in equilibrium wages , which do not appear in the ...

The wage bill is the amount of payment that an employer compensates an employee for performing a service. A minimum wage bill, on the other hand is the minimum payment that an employee receives for the service. Minimum wages are establishment by legislation by the central government. It, therefore, becomes illegal and an offence to compensate employees less than the minimum wage bill, as stipulated by the government legislation.
The main mandate of the minimum wage bill legislation by the government is to protect its citizens from exploitation by employers. This enables employees to be in a the position of ...

Impact of Minimum Wage on Labor Markets

Minimum wage is the price floor imposed in the labor market to ensure that firms don’t exploit workers. Usually, the minimum wage is set above the equilibrium wage. The minimum wage ensures workers get adequate income that can enable them to live a decent lifestyle. This price floor is revised from time to time as per changes in the cost of living. Therefore, it disrupts the supply and demand of labor in the economy. Economists who advocate for this policy argue that it supports the low-skilled workers who are easily exploited due to their low bargaining power (David, ...

Introduction

Labour force participation rate is an important concept in economics and it is defined as the number of labours that are participating in the economic activities from the total number of labour available in the economy . The higher the labour participation rate of the economy, there are more chances that the economy would be stable and in a better situation.
As labour participation rate is an important and one of the most discussed topics in economics, this report discusses about the same concept. The report first defines the labour force participation rate and then highlights the importance of labour ...

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Abstract
Minimum wage law, today, has become a moot discussion point and there are difference of opinions among people about the advantages and shortcomings of minimum wage law. The purpose of this paper is to contribute to these discussions on the impact of minimum wage laws on its intended beneficiaries. The analysis suggests that the adverse effects of minimum wages like reduced employment, rising prices and unequal distribution of benefits for exist, but with small magnitudes. The minimum wage is still an important tool in improving the quality of life of the poor.

Keywords: Minimum Wage, price effect, unemployment ...

Implications of Raising the Minimum Wage

Introduction
Most states in the United States have already passed laws that aimed at raising the minimum wages for employees. In the 24th of July 2014, the Fair Labor Standards Act (FLSA) ratified the $7.25 federal minimum wage for employees from both public and private companies (United States Department of Labor). Though this news may seem positive to employees, debates on whether wage hikes are necessary and really helpful to both employees and employer.

A very few studies have examined the relation between the Law of Supply and Demand on the wage rates of employees. However, all of these ...

Introduction

The wage gap has been a centre of discussion for past few decades and it seems it will remain a highly debatable topic; as the gap between males and females, and white men and females from other races is still persistent. Since 1996, the wage gap has narrowed, but women in the United States are still making only 79 cents for a dollar made by men (Kitroeff, 2016). The gap has narrowed in the last two decades as women have progressed in terms of workplace participation and education (AAUW, n.d.). In terms of races, the wage gap is greater ...

The question of minimum wage introduction for low-skilled workers offers conflicting research findings. Some theorists suggest that the introduction of minimum pay for low-skilled labor may affect the whole employment. However, the general model of competitive market for labor assumes that the introduction of minimum wage will cause job loss among the low-skilled employees. This report is dedicated to the economic analysis of this model.

What Economic Theory Predicts Will Happen

The simplest approach includes the analysis of one separate labor type. In such market, the minimum wage that overshoots the competitive equilibrium in the market causes harm to employment from two standpoints. First of ...

Minimum wages refer to the common government policy which requires the absolute lowest possibly salary that can be paid per hour in public or private industries from selected jobs. The modern practice of governments setting a minimum wage began in the late 1800s in New Zealand. By the 1920s, most western nations and a fair number of nations around the world had instituted basic minimum wages legislation. Nowadays, nearly all nations have some form of a minimum wage policy in force (Yadoo & Woellert, 2016). However, the ubiquity of minimum wage laws across the has not meant that it is ...

According to Name, the labor market “is the institution by which workers and employers come together to engage in the production of output” (Name 297). A distinctive feature of the labor market is fixed level of wages and its correlation with a number of working hours. Key issues of the labor market are health-related issues, issues related to labor supply, and the ones related to total compensation. Health-related issues state that healthy worker is more productive than workers with health problems. Labor supply issues determine a correlation between the health status of the worker and his or her employment. ...

One of the most hotly contested issues amongst U.S. policymakers at all levels of government is the minimum wage. Conservatives argue that increasing the minimum wage will drive up prices and unemployment, decreasing tax revenues and increasing the number of people dependent on welfare. Liberals argue that it would inject more capital into the economy, increase jobs and tax revenues, and make fewer people dependent on government assistance. There is an element of truth to both arguments depending on how much and how gradually the minimum wage is raised.
The economic impact of gradually raising the federal minimum wage ...

The minimum wage theory has always been under scanner for its long term implications. Still it finds support with the world leaders. The reason cited by the supporters of minimum wage is the welfare of the workers as it stops worker exploitation. Economists state that with increasing inflation, minimum wage limit should be set by the government. Recently USA revised its federal minimum wage level to $9.32 per hour in January 2014. But the market has shown opposite outcome of the minimum wages. The increasing wage level leads to unemployment as the firms try different ways of increasing or ...

Macroeconomics introduces the variables that are external and factors that affect the economics. It has various pillars such as unemployment, price stability as well as balance of payment. These elements help in defining the status of the country’s economic level in comparison with the development. In the employment of the resources that are available in regard to the technological improvement shows the utilization level and hence economic growth. In the employment, the work force demand remuneration according to the skills and the level of the production. This introduces the wage and salaries as the means of compensation. It ...

Abstract

This paper first examines the factors contributing to the widening of the income distribution in the United States. It then explores the theories and trends in income distribution based on the macroeconomic and other indicators that have affected the distribution of income in recent decades. We found that the impact of inequality of income distribution affects the economic growth. The widening of the income distribution has contributed to a critical assessment of government policies. The paper also cautions the trend in the distribution of household income in the period between 1976 and 2007 based on the Gini index. Similarly, education ...

Employee compensation in most cases refers to the cash benefits that individuals receive as an exchange of the services rendered to their employer. In most cases, at least in many countries, individuals earn a certain wage or salary due to the work they do to their employers. For example, in the United States, almost over 90% of the employees or what is considered the working population earns a salary of some form of wage. The compensation that is in form of cash often comprises the wages or the salary and in some cases may include the bonuses as well as the ...

Caucasian and African women are segregated by the differences in their salary and education. With the persistence of racial-based wage and education gaps in modern society, the status and role of colored women, specifically those from the African descent, remain discriminated due to the prevalence of indissoluble racial and gender stereotypes. Although the philosophy of racial and gender equality has, in essence, created “equal education opportunities” for all females, the provision of racial equity has yet to be fully realized. In reality, however, the education and economic gap between Caucasian and African women evinces that the school and professional ...

Recently, there have been many debates in Congress about the minimum wage in the United States, and there were both proponents and opponents of the idea to increase the minimum level (Rogers, 2015). With the coming presidential elections, there will be more discussion whether to increase the federal minimum wage.
Proponents of the increase claim that increasing the minimum wage can strengthen the country’s economy and labor market (Cooper & Sherk, 2014). When the minimum wage is high, people earn more, and it increases their productivity, morale, and companies win when they have motivated and productive employees.
At the ...

Inequality

Inequality

Inequality is a concept related to poverty but covers a wider scope. It does not focus on the poor alone but to the poor and all other groups in society relative to the entire population.
Inequality is also about fairness. It is about how fairly a society distributes its income or wealth to its members, and how well it attends to the needs of its people and their welfare.
“Equality, like fairness, is an important value in most societies Inequality can be a signal of lack of income mobility and opportunity―a reflection of persistent disadvantage for particular ...

The twenty first century has brought along numerous revolutions in major sectors of the world’s economy. In the beginning of the early twentieth century, people grew the need for labor unions. These were mostly industrial workers since the period was during the industrial revolution. However, the success of labor unions has been on and off over the years. In some economical times, labor unions have improved the situation while in other economical times labor unions have further worsened the situation.
The thesis of my essay is to analyze the situation in Illinois after the newly elected governor ...

Introduction

Consider getting a minimum wage from your employer hourly, daily or monthly. It will greatly affect the standard of every worker making him/her feel no love with his work since it is the lowest pay. Would one feel satisfied because of high minimum wage? Increasing minimum wages will result to happy life and many workers will be in a position to support their families.

Arguments

Arguing against critics on increase in minimum wage, the increase in Boston for example, by the state government from $8 to $11 per hour by 2016 statistically shows that 60% of low-wage workers will be in a position ...

Summary

Minimum wage is the lowest hourly, daily or monthly wage which is entitled to an employee when working (Freeman, 1996). It may be referred to as the lowermost amount of wages at which employees can sell their labour. The concept of minimum wage has been implemented in various jurisdictions with different rates and differing opinions on the merits and demerits of it. Minimum wage rates vary diversely across jurisdictions in relation to the amount of money, the pay period and scope of coverage. Although laws concerning minimum wage have been introduced, minimum wage might exist without them. The individuals ...

Labor Market

The labor market is a nominal market where workers seek work in exchange for payment; employers seek for willing individuals to work. The wage rates are usually determined by the labor market forces of demand and supply. Labor markets could be national, local or international. All the three scopes of labor markets are composed of small labor markets. The small markets interact in terms of aspects such as skills, qualifications or geographical locations. The labor markets rely on the information exchange between potential employees and employers concerning wage rates, competition levels, and conditions of employment and the location of the ...

Employee Union protects interest of employees in terms of compensation, fringe benefits, working environment, conditions, overall cost to the company and pay inequalities. The findings presented by Julianne Treme suggests that Union does not play a major role in respect of wages though he accepts union’s role in ensuring good working conditions, securing job, and other civil rights of the workers. This paper discusses the research done by Julianne Treme, analyses his findings further and presents a conclusion which contradicts as well supports the research work of Julianne Treme.
“The wage rates, fixed between the union and the employers, ...

Introduction

According to the state’s Fair Pay Act, which aspires to bridge the salary gap between men and women, companies will have to be able to establish they pay both the men and women uniformly for significantly comparable work. The rules have urged businesses to reexamine the way they pay and categorize the personnel. Pay transparency is a basic human right. The section 11 of the Canadian Human Rights Act affirms that it is a biased practice for a business owner to establish or uphold dissimilarities in salaries between male and female workers employed in the identical organization who ...

INTRODUCTION

Calls for a $15 minimum wage have been increasingly vehement in recent history. Protests and demonstrations have been forming on both coasts for the increased wage standard that has eluded so many Americans. However, this paper will argue that a minimum wage increase of this magnitude could negatively impact the very people it is meant to help. Technological advances that allow employers to replace low-skill workers (such as Macdonald’s self-service kiosk or grocery store self-check-out aisles) will seem increasingly tempting in a world where labor becomes increasingly expensive.

WHY THE MINIMUM WAGE IS HELPFUL

The Economic Policy Institute notes that a large proportion of ...

The article in the Economist (n.p.) is presenting the Walmart, global known actor for low prices in supermarkets, with employing a workforce around the world and the largest company measured in his revenue. The building of the firm focused on the lowering the costs that can bring competitive advantage for the firm and business. The firm has raised the hourly payment for its workers that has been known to be lower than from its competitors. They have raised the wages at one third higher that the federal minimum wage. Based on the report that was a marketing step and ...

Introduction

Labor constitutes a fundamental factor of production, and it is one of the determinants of services and commodity prices. It entails human efforts used in the creation of goods and services, and its rewards are salaries or wages. Unemployment is one of the major economic problems facing many countries, especially developing ones. Attaining full employment level is the objective of most governments since it is an essential driver to achieving economic growth and development. In most developing countries, labor markets are poorly developed, and wages are determined by market forces of demand and supply. As such, labor is poorly ...

Introduction

Trade unions are organizations that represent the working people. The membership of these organizations comprise of employees from different sectors of trade, professions and occupations. The union’s main objective is to represent its members in the working environment and in the general society. The working of the trade union is through collective bargaining as well as through a harmonized rule-making process. The South Africa trade union is the largest in Africa and plays a big role in the labor market and industrial relations in determining policies in the country. There are three prominent trade unions in South Africa whose connections ...

According to Neumark, Salas, and Wascher (1), “debates about the economic effects and the merits of the minimum wage date back at least as far as the establishment of the Department of Labor as a cabinet-level agency in 1913.” The authors describe the neoclassical school argument that “wage levels were determined by workers’ productivity and that minimum wages would reduce employment among low-skilled workers.” In other words, under free market conditions, the wages perceived by any given worker would reflect the productivity of that worker’s labor. The setting up of a minimum wage would upset the workings of ...

The state of Florida endeavors to become the top performing economy in the United States and the world’s best destination for learning, playing, working, doing business, and even living. To achieve these goals, the state formed the Florida Department of Economic Opportunity, here in referred to as the DEO. The DEO is responsible for the statewide coordination and management of community development opportunities, workforce programs, and economic development initiatives. The agency works with other partners in support of the governor to champion economic development in the state. Over the last five years, the DEO contributed immensely to the ...

INDIVIDUAL WRITEUP

Even though we are claiming that we are leaving in a free world where everyone has equal rights, there are still some forms of injustice that are done to women especially as far as employment and pay is concerned. Up to date, women pay still lags behind and what they are paid now on average could be equal to what men were paid over 10 years ago . There have been numerous efforts done so as to ensure that women get equal pay with their male counterparts and the question that many are asking today is – is it time that ...

Introduction

I am going to present alternative solutions for the ethical issues arises in global and domestic environments. First, I am going to give an overview of the ethical issues faced by your Corporation for plant relocation. Mainly, the major production industry for your onboard computer components used for automobiles is existing in United States only, and this was a major reason causing profit decline for your business. The major reason behind increased production cost is the wage rate i.e. $15/hourly i.e. also implemented for the new workers. Moreover, stringent safety and environmental regulations have made the cost of production expensive. ...

Life is not easy when living under the poverty line and more like a 150% effort is required each and every day. Working full time at job that pays minimum wage may provide enough money for a single individual, but it will certainly not for an entire family. Barbara Ehrenreich delves into the world of the minimum-wage workers in her book Nickel and Dimed: On (Not) Getting By in America. She seeks entry-level jobs and tries to support herself with the minimum wages from these jobs, for months at a time. Ehrenreich makes an agreeable and clear argument in Nickel and Dimed ...

Introduction

Business cycle and monetary theory are great aspects studied in macroeconomics. Economists were concerned with the changing nature of macroeconomics and most of them tried to elucidate specifically what goes on and the reasons for the existence of economic cycles. Due to this, several schools of thought and theories were developed. However, each economist was trying to outdo each other and criticizing one another’s work was quite common. The classical school which perceived economics to be a science of wealth was highly criticized by John Keynes. This paper shall critically evaluate the Keynes’ criticism on the classical school of ...

The knowledge in economics encompasses a wide array of topics that involve different economic activities, such as the ones that influence the government in carrying out regulations on gasoline prices as well as imposing a price floor in relation to the minimum wage. In this discussion, different economic scenarios will be presented along with the possible outcomes of each. In addition to the provided situations about the price ceiling for gasoline and price floor for minimum wages, other economic events will be presented, such as the possible gains and losses of international trade and the possible outcome once the ...

Problem Statement

There are a number of reasons, defined by the ethical as well as the economic and the political scenes, for the non-diminishing interest in addressing the gap between the rich and the poor. "The rich get richer and the poor get poorer" is an aphorism, which outlines the major views on economic inequality and the criticism, seen in academic and business literature, towards the philosophy of free market and capitalism in general. One of the principal works, laying the foundation for the discussion, is the work by Thomas Piketty, Capital in the Twenty-First Century (2014), who places the idea ...

President Barrack Obama recently proposed to increase the minimum wage to $9 an hour so as to ensure a decent living for the working class. On one hand, some liberals view the idea as beneficial to the working class that they want the increase to be $15 an hour. On the other hand, most conservatives have opposed the idea with some wanting to repeal the minimum wage entirely. The increase in the minimum wage to $9 an hour is modest and is beneficial to the nation as it strengthens the middle class which in turn leads to a stronger ...

Earnings Differentials : Understanding the Gender Wage GapTerm Paper Workshop

In a May 2014 document released by the Bureau of Labor Statistics it was reported that although almost as many women as men are in the workforce (52% and 70.2%, respectively), males earn a higher median salary than females regardless of job type or race. Additionally, the most current census data show that women’s average earnings in the United States are only 71.3% of men’s (US Bureau of Labor Statistics, 2014). This difference in earnings between men and women is not exclusive to the United States; however, it has been noted to be one of the largest ...

Today about 1.6 million Americans work for the minimum wage, which is less than 5% of hourly workers. It is a relatively small number as another 2 million people earn even less due to certain exceptions on the U.S. law. Now the federal lowest wage the companies may pay to their employees is $7.25 per hour, totaling in $15,000 per year for the full-time workers. According to the U.S. Bureau of Labor Statistics, most of the minimum-earning workers have the part-time job in the service industry.
For 2014, only in 4 states the minimal wages are lower than ...

The Evolution of Economics, Economic Systems and Politics

The science of economics, starting with Adam Smith –the father of economics, is the total efforts for developing an understanding of the economic behaviors of the humans. The science of economics follows a development path in defining the economics.
The first definition of the economics was based on the household management. Members of family specialize in completing some specific tasks. The specialization relies on the genders' traditional functions. This definition was developed by the philosophers in the ancient times before the Dark Age in Europe. Adam Smith developed this definition by creating a theoretical economic system which has the ...

The Economic Policy Institute (par. 2) noted that there was a growing momentum in America to increase the minimum wage. The government has various option to execute to achieve a higher minimum wage. This paper focuses on three of them.
The most viable option is to use policy formulation. The current law on minimum wages set it at $7.25 per hour. It follows that the Congress can set up a higher value for the minimum wage. Upon raising the floor for the minimum wage, all businesses are under obligation to follow, and, therefore, would work. However, opponents claim that ...

Article Summary

The Governor of California Mr. Jerry Brown has announced plans to increase the minimum wage in California to $15 an hour. The present minimum is $10 an hour. The increase will be phased out in a five years period by 2022 . The decision came after the recent labor union movements demanding higher wages for the low paid workers. The new minimum wage would make California a state with the highest minimum wage as against the Fed minimum wage rate of $7.25 an hour. The move will lead to wage increase for five million low paid workers in California.
It ...

Canadian society is understood to widely represent things like equality, freedom, and acceptance, but this is not the case for pay equality. Canadian law prohibits the discrimination in employment of persons based on their race, ethnicity, gender, and sexuality. Although employers are unable to discriminate against women in the hiring process there is still a large wage gap between women and their male counterparts. Gender pay inequality has been widely discussed in various news outlets as a large problem in Canada, which has yet be properly addressed. It has been found that women earn less than men due to ...