Economics Consulting on Minimum Wage
Despite the recent wringing of its stockholder's hands at the poor image of health of McDonald's products in the weight-conscious media, McDonald's minimum wage model of corporate profiteering may become the model of the services sector future. In a recent article for the trade publication Industry Week, economist Michel Evans noted that the "U.S. will increasingly become a service-based economy. This trend has been apparent for many years, but if there were any remaining doubt, it has been erased by the inability of core manufacturing industries to generate a profit even as margins rise to record levels in the rest of the economy." (Evans) Wages are too high to compete with the developing world, and demand remains too low in this sector. As a result, "there has been a great ... gnashing of teeth about high-paid manufacturing jobs being replaced by minimum-wage jobs at McDonald's and Wal-Mart." Yet interestingly enough, "less than 1% of the full-time jobs in this country actually pay only the minimum wage." (Evans, 2004)
This apparent discrepancy between high levels...
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