Title: Minimum Wage and its Impact on Society

The topic of minimum wages has become a very contentious and captivating issue throughout the developed world. For one, accommodative monetary and fiscal policy, as a result of COVID-19, has flooded the market with large amounts of currency, thereby depreciating the value of dollar. In addition, rapid inflation, caused by a litany of economic sources, has lowed the purchasing power of the dollar relative to other currencies around the world. Many businesses have responded by raising prices on numerous goods and services, including consumer staples, toothpaste, food, utilities, and clothing. The impact of these price increases has been far reaching as industries from retail to automobile manufacturers have been forced to raise their respective prices. Unfortunately, wages, have remained relatively stagnant over many decades, even as the cost-of-living has increased. Here, consumers are now forced to contend...

Overall, the impact of minimum wage increases is...…robotics. Here, fast food chains are already experimenting with robotics that can automate the cooking and distribution of food products. Likewise, companys such as Alibaba and Amazon are also experimenting with artificial intelligence and robotics within their warehouses and distribution networks. Here, if the price of unskilled labor rises too high, companies, to maintain their margins, will look to leverage alternative means of production (Brown, 1982). This ultimately can result in the unintended consequences of lowering low skilled employment in favor of automation and robots leveraging artificial intelligence. This in turn would exacerbate the overall employment and wealth inequality issue that…