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This creates a knock-on effect wherein this spending fuels hiring at other companies, whose workers also spend. In contrast, the additional profits earned by corporations as a result abolishing the minimum wage could be invested anywhere in the world and capital gains from stock price improvements are taxed at a relatively low rate. ithout a minimum wage, there would be more Americans working, but they would not make enough money to survive. This could have a number of impacts. Many workers would exit the job market, choosing instead to rely on social assistance. Others would turn to criminal enterprise or find ways to work in the underground economy. If too many Americans earn insufficient amounts to survive, there could even be deflationary pressure as prices will need to come down to the level of these workers.
The government, when considering the issue of a minimum wage, must weigh the benefits…
Works Cited:
Dimock, M. (2006). Maximum support for raising the minimum wage. Pew Center Research Publications. Retrieved September 20, 2011 from http://pewresearch.org/pubs/18/maximum-support-for-raising-the-minimum
Garfield, R. (1996). The case against a higher minimum wage. Joint Economic Committee Report. Retrieved September 20, 2011 from http://www.house.gov/jec/cost-gov/regs/minimum/against/against.htm
Minimum wage laws have always had a high price to pay. Essentially, there are a number of costs associated with governments implementing minimum wages on an otherwise free labor market. First, there is the issue of reconciling increased labor costs with static production profits. According to the research, "Minimum wage increases make unskilled workers more expensive relative to all other factors of production," (Gorman 2008). The increase in wages can have the negative ramification of costing more to businesses. Unfortunately, the minimum wage law often creates situations where there are less employment opportunities for the lowest socio-economic classes of mostly unskilled workers. Here, the research suggests that "Employers typically are not willing to pay a worker more than the value of the additional product that he produces," (Gorman 2008). When products cost less to make than an hourly minimum wage, this creates a situation where employers do not want to…
References
Gorman, Linda. (2008). Minimum wages. The Concise Encyclopedia of Economics. Library of Economics. Web. http://www.econlib.org/library/Enc/MinimumWages.html
myIndependent. (2004). The undisputed benefits of a minimum wage. The Independent. Web. http://www.independent.co.uk/opinion/leading-articles/the-undisputed-benefits-of-a-minimum-wage-549600.html
" However, the theoretical evidence that is provided in this article, to disprove other people's theory on the impact of minimum wage on the economy, seems to have the opposite effect. Statements about the, "…simplistic observation that some of the states with high minimum wages also have high unemployment rates," (http://www.epi.org/publications/entry/briefingpapers_bp150) are not completely disproved with the evidence provided to show no correlation with minimum wage and the job market. Despite trying to remove blame from the minimum wage, the coincidence of these states with the highest minimum wages that also have the lowest employment rates -- Alaska, ashington, and Oregon -- seem too much of a coincidence to ignore. If there was no link from the minimum wage to the unemployment rate, then why are so many companies outsourcing?
Many companies, big and small, are looking to make extra money by outsourcing positions in other companies that do not…
Works Cited
"Summers on Demand." Wall Street Journal. 15 April 2010. .
Chapman, Jeff. "Employment and the Minimum Wage." Economic Policy Institute. 11 May
2004. .
Maher, Kris. "Minimum-Wage Increase Comes at a Bad Time for Weakened Job Market."
2% of minimum wage earners are household heads and only 2.8% of low-wage earners are single parents.
If we assume that companies will even out productivity in the long run via the means above, then the largest impact will be on net employment. In many parts of the U.S., companies that employ workers at minimum wage levels are perpetually hiring - they cannot fill positions at these wage levels. The impact of the economy overall is minimal as well, because the lowest-income workers contribute little to the economy.
Ultimately, increases in the minimum wage are good for the economy. Proponents of minimum wage increases may be wrong about the advantages to the most vulnerable of wage earners, but overall such increases force companies to increase efficiency in other areas, rather than merely relying on a cheap labor pool for productivity. The worst of the workers get flushed from the workforce…
Works Cited
Deere, Donald & Murphy, Kevin & Welch, Finis. (n.d.) Sense and Nonsense on the Minimum Wage. Cato Institute. Retrieved June 15, 2008 at http://www.cato.org/pubs/regulation/reg18n1c.html
Saxton, Jim. (1996). The Case Against a Higher Minimum Wage. Joint Economic Committee Report. Retrieved June 15, 2008 at http://www.house.gov/jec/cost-gov/regs/minimum/against/against.htm
Deere, Donald & Murphy, Kevin & Welch, Finis. (n.d.) Sense and Nonsense on the Minimum Wage. Cato Institute.
Saxton, Jim. (1996). The Case Against a Higher Minimum Wage. Joint Economic Committee Report.
Opponents have failed to take into account the demand and supply side of the argument. It is true that minimum wage legislation has increased people's purchasing power but this positive impact of the law is likely to improve economic activity in the country. This is because when people have more purchasing power naturally they can afford more goods and thus increased demand of goods leads to increased supply and this accelerates economic growth. We can understand this law better if we take into account consumer spending and its impact on the economy. In recent times, we have noticed that lack of consumer spending has speeded up the downward spiral of the economy and in its attempt to encourage people to bring more money into the market, government announced several tax cuts. Keeping this in mind, we can understand how increased purchasing power due to minimum wage law can bring positive…
Secondly, while minimum wage may not be able to improve the standard of living for every unskilled workers, still those who do manage to find a job in today's competitive market stand to benefit from this legislation because employers can no longer make them work for unreasonably low wages.
Another important argument in favor of the law deals with productivity and technological side of business and trade. It is believed that with minimum wage legislation, companies are required to make use of sophisticated technologies in order to minimize the labor needed. Prasch (1996) writes in the defense of minimum wage law in these words, "Firms faced with high wages are forced to employ more advanced equipment and eliminate "X-inefficiency" or leave the industry. The result is a more productive society as newly adopted technologies and processes are embraced by the surviving firms and their competitors... The minimum wage is one among a number of factors that has the capacity to equalize bargaining power in labor markets. As such, the minimum wage enables people to "earn a living" which is an elementary component of human dignity and social justice. Thus it becomes clear why minmum law must be kept. It is the one law that can protect the poorest section from exploitation. With hundreds of poor migrants coming into the country every year, we do need a law that would allow the poor section to not against themselves. By agreeing to work for below minimum wage, they not only hurt themselves but also others who are not willing to work at such low rates. Thus minimum wage law is a must for this country.
Prasch, Robert E., in defense of the minimum wage.. Vol. 30, Journal of Economic Issues, 06-01-1996, pp 391(7)
Minimum Wages -- Florida Labor Law
This report supports the thesis below. The minimum wage payments in the state of Florida should be upped to the $10 mark because the cost of living has gone up over the years. Ironically, there has only been a 97 cents increase in the wage since 2010. Yet the cost of living has gone up by a much higher margin. The current minimum wage stands at $8.22. This makes life hard.
Minimum Wages Set by the Federal Authorities
The movement for the living wage has been pushing for an increase in the minimum wage in both cities and at federal level. Most of the advocates for a higher minimum wage are pushing for the indexing of the same to the cost of living. Unfortunately, the movements for the increase of the minimum wage have gained little success in influencing the federal policy regarding that…
References
Brinkmann, P., 2015. Lack of 2016 Wage Increase in Florida surprises some. [Online]
Available at: http://www.orlandosentinel.com / [Accessed 19 May 2016].
Colberg, M., 1960. Minimum Wage Effects on Florida's Economic Development. Journal of Law, Volume III, pp. 106-117.
Luce, S., 2012. Living Wage Policies and Campaigns: Lessons from the United States. International Journal of Labor Research, 4(1), pp. 11-26.
Economics Case
Buyers Perspective
The case focuses on how a minimum wage increase in LA will affect it and neighboring cities. From a buyers point-of-view, by increasing the minimum wage the buyers collective would have more money to spend and would consume more.
Concepts: The central concepts involved in this circumstance can be thought of in terms of income and spending. The increase in wages will give a number of buyers more buying power which will increase their demand for goods and services.
Behavior: The buyers' behavior for people earning minimum wage will be significantly impacted and their consumption will increase. It is also likely that the increased wage will attract more businesses into the local market to meet this demand. Some producers who will be attracted to the new economic conditions will be likely to enter the LA market.
Explanation: The increase in the minimum wage will provide buyers…
Beginning wage increases in industry sectors and on a smaller scale in businesses and organizations can have a beneficial effect on various parties. Businesses believe minimum wage increases may hurt them regarding profit, local economy, and potential health effects. While assumptions exist regarding these key issues, research suggests wage increases provide upticks in profit for companies, promote a positive work environment and less stress for employees, and there is minimal effect on the local economy. The idea that minimum wage increases encourages problems lacks key evidence both in large samples and in the long-term.
Economy
A common misconception is wage increases create job loss. The economy does not have to be negatively affected by minimum wage increases. For example, in an article titled: “Are minimum wage increases absorbed by small price increases?” the evidence suggests minimum wage increases has no major impact on local economy. As authors explain, San Jose…
References
Allegretto, S., & Reich, M. (2017). Are Local Minimum Wages Absorbed by Price Increases? Estimates from Internet-Based Restaurant Menus. ILR Review, 71(1), 35-63. doi:10.1177/0019793917713735
Bhorat, H., Kanbur, R., & Stanwix, B. (2014). Estimating the Impact of Minimum Wages on Employment, Wages, and Non-Wage Benefits: The Case of Agriculture in South Africa. SSRN Electronic Journal, 96(5), 1402–1419. doi:10.2139/ssrn.2184248
Cuong, N. V. (2013). Do Minimum Wage Increases Matter to Firm Profitability? The Case of Vietnam. Journal of International Development, 29(6), 790-804. doi:10.1002/jid.2920
Hoffman, S. D. (2015). Are the Effects of Minimum Wage Increases Always Small? A Reanalysis of Sabia, Burkhauser, and Hansen. ILR Review, 69(2), 295-311. doi:10.1177/0019793915610558
Horn, B., Maclean, J., & Strain, M. (2017). DO MINIMUM WAGE INCREASES INFLUENCE WORKER HEALTH? Economic Inquiry, 1. Retrieved from ftp://repec.iza.org
Jardim, E., Long, M., Plotnick, R., Van Inwegen, E., Vigdor, J., & Wething, H. (2017). Minimum Wage Increases, Wages, and Low-Wage Employment: Evidence from Seattle. doi:10.3386/w23532
Lynn, M., & Boone, C. (2015). Have Minimum Wage Increases Hurt the Restaurant Industry? The Evidence Says No! CENTER FOR HOSPITALITY RESEARCH REPORTS. Retrieved from https://scholarship.sha.cornell.edu
Meer, J., & West, J. (2016). Effects of the Minimum Wage on Employment Dynamics. doi:10.3386/w19262
Legal Prices: Collect information minimum wage. State purpose legal price, assess impact market labor, evaluate extent achieves purpose. List esources: Bureau Economic Analysis - http://bea.
Evaluating legal prices: The minimum wage
The modern day employee is viewed as the most valuable organizational asset and sits at the core of the company's ability to attain its overall objectives. In such a setting then, the employers compete for the best skilled and qualified employees, and the staff members benefit from higher wages and better incentives.
Nevertheless, this was not always the status of the employees. The first employers were the factory workers, who migrated from the villages to the cities in search of better lives, but were mostly confronted with exploitation on the part of the factory owners, long hours of work, insufficient pay, unsafe and unsanitary working and living conditions.
The workers eventually rioted and were met with resistance and violence…
References:
Carneiro, F.G., Gill, I.S., De Barros, R.P., 2006, The third dimension of labor markets: demand, supply and institutions in Brazil, Nova Publishers
Morgan, L., The advantages and disadvantages of minimum wage, eHow, http://www.ehow.com/list_6637637_advantages-disadvantages-minimum-wage.html last accessed on July 9, 2012
Turner, M.D., The low-wage labor market: challenges and opportunities for economic self-sufficiency. Does the minimum wage help or hurt low-wage workers? http://aspe.hhs.gov/HSP/lwlm99/turner.htm last accessed on July 9, 2012
2012, Minimum wage, Investopedia, http://www.investopedia.com/terms/m/minimum_wage.asp#axzz206qt4g9S last accessed on July 9, 2012
By bringing more locals into the overseas operation, the use of expats can be reduced. In addition, the cost of expats should be factored into the decision to enter a market. Major markets will still be profitable even with the presence of expats, but there are many marginal markets that may not be viable once expat costs are included (for example, where Malaysia may be profitable, adjacent Brunei may not be).
The human resources department can also reduce the value of the package offered to expats. If assignment allowances and property costs are 70% of the expat costs, then these costs should be the focus of efforts to reduce total expat costs. For example, one solution is to introduce funding at a blanket level, and then allow the expat to determine how those funds should be dispersed. This strategy fixes the amount of money that is spent on the assignment,…
Works Cited:
Landsburg, S. (2004). The sin of wages. Slate. Retrieved September 24, 2010 from http://www.slate.com/id/2103486/
Saxton, J. (1996). The case against a higher minimum wage. Joint Economic Committee Report. Retrieved September 25, 2010 from http://www.house.gov/jec/cost-gov/regs/minimum/against/against.htm
Friedman, B. (2010). Effective strategies for expatriate cost management. Totally Expat. Retrieved September 25, 2010 from http://www.articles.totallyexpat.com/effective-strategies-for-expatriate-cost-management/
Selmer, J. (1995). Expatriate management: New ideas for international business. Westport, CT: Quorum Books.
Zeynep Ton's A minimum wage hike could help employers, too, in the Harvard Business eview. This article is a speculative piece about the effects of proposed minimum wage increases at the federal level. The author takes a look at companies that superior wages and benefits for their industry. The underlying theme is that this is juxtaposed against a common argument that raising the minimum wage will be universally harmful.
The common argument takes beginner's level supply and demand graphs and uses them as the basis for the claim. The basic elastic supply and demand graph shows that as the cost of a good increases, demand for that good declines. Thus, if the minimum wage increases, businesses will face higher costs, will pass those costs onto consumers, will suffer lower profits or will reduce employment, or some combination of these negative outcomes. The author here is pointing out that the world…
References
Ton, Z. (2014). A minimum wage hike could help employers, too. Harvard Business Review. Retrieved February 2, 2014 from http://blogs.hbr.org/2014/01/a-minimum-wage-hike-would-help-employers-too/
Public Policy of the Minimum Wage
Public Policy on minimum wage in the United States has shifted focus in recent years. Many in the public and in the White House have sought to raise the national minimum wage to $15 per hour. This is what many find to be a decent living wage that may help those in poverty or near poverty. The past has seen introduction of the minimum wage in the United States beginning around the Great Depression. Then, the standard minimum wage was 25 cents. In order to match the value of those 25 cents, today's minimum wage would have to be $10.
Progress has been made in the last two years with regards to increasing the minimum wage. Some states like California have already adopted legislation to gradually increase the minimum wage to $15 in the upcoming years. New York City and Seattle are not far…
LA Minimum Wage
The author of this report has been asked to assess the Los Angeles minimum wage case study. Indeed, it would seem that Los Angeles is trying to raise their minimum wage to a shade above fifteen dollars an hour. They are basically trying to follow in the footsteps of Seattle, who just started doing precisely the same thing. However, Los Angeles is very different from Seattle in terms of its geography and its neighbors. As such, Los Angeles businesses have options that Seattle ones do not. While Los Angeles may think they are doing the economically sound thing, they should really rethink what they are doing, and for more than one reason.
If there is one term in the Mankiw text that leaps out at the author of this report, it would be the term equilibrium (Mankiw, 2004). This term takes on several varied and differing forms…
References
California,. (2015). History of California Minimum Wage. Dir.ca.gov. Retrieved 15 May
2015, from http://www.dir.ca.gov/iwc/minimumwagehistory.htm
Mankiw, N. (2004). Essentials of economics. Mason, Ohio: Thomson/South-Western.
Microeconomics
In 2014, Seattle instituted a minimum wage of $15, which will be phased in over the coming couple of years (Burtless, 2014). Other cities, including Chicago and Philadelphia, are aiming to follow suit with sharp increases in their own minimum wages (Dardick & Garcia, 2014). These increases are expected to increase the standard of living among the working poor in these jurisdictions. While popular ideas with low-income workers, these plans have generally not been met with much enthusiasm by business groups (Worstall, 2014). These policies can be examined from both a macroeconomic perspective (effects on unemployment, GDP and poverty rates) and from a microeconomic perspective. This paper will focus on the latter.
The first concept is basic supply and demand. A simplistic version of supply and demand is typically utilized to argue against a $15 minimum wage. In this understanding, when the cost of labor increases, demand for labor…
References
Burtless, G. (2014). Seattle's minimum wage is now $15/hr: Is that a good idea? Brookings Institute. Retrieved December 1, 2014 from http://www.brookings.edu/blogs/up-front/posts/2014/06/09-seattle-15-minimum-wage-good-idea-burtless
Dardick, H. & Garcia, M. (2014). Illinois, Chicago could be on track for separate minimum wages. Chicago Tribune. Retrieved December 1, 2014 from http://www.chicagotribune.com/news/local/politics/ct-chicago-city-council-minimum-wage-met-1202-20141201-story.html
Worstall, T. (2014). A $15 minimum wage would be a $17,500 tax on jobs. Forbes. Retrieved December 1, 2014 from http://www.forbes.com/sites/timworstall/2014/09/06/a-15-an-hour-minimum-wage-would-be-a-17500-a-year-tax-on-jobs/
Executive Summary
Purpose and method of this report
The base salary at Regal Potomac Yard 16 is one of the lowest in the surrounding area. Although minimum wage differs from business to business, the $8.00/hour should be raised to $10.00/hour. Often businesses are afraid to increase minimum wages. They believe it could have a negative impact on the local economy and could result in lower profits. However, research demonstrates raising the minimum wage may have little to no impact both short-term and long-term in developed countries like the United States with regards to the economy. Furthermore, some research suggests such a change may improve profits for businesses due to higher productivity levels in employees. The purpose of this report is to:
· Understand why increasing the minimum wage at Regal will improve worker productivity.
· Recommend reasons why the minimum wage increase will at worst, promote no significant change to…
References
Allegretto, S., & Reich, M. (2017). Are Local Minimum Wages Absorbed by Price Increases? Estimates from Internet-Based Restaurant Menus. ILR Review, 71(1), 35-63. doi:10.1177/0019793917713735
Bhorat, H., Kanbur, R., & Stanwix, B. (2014). Estimating the Impact of Minimum Wages on Employment, Wages, and Non-Wage Benefits: The Case of Agriculture in South Africa. SSRN Electronic Journal, 96(5), 1402–1419. doi:10.2139/ssrn.2184248
Cuong, N. V. (2013). Do Minimum Wage Increases Matter to Firm Profitability? The Case of Vietnam. Journal of International Development, 29(6), 790-804. doi:10.1002/jid.2920
Hoffman, S. D. (2015). Are the Effects of Minimum Wage Increases Always Small? A Reanalysis of Sabia, Burkhauser, and Hansen. ILR Review, 69(2), 295-311. doi:10.1177/0019793915610558
Horn, B., Maclean, J., & Strain, M. (2017). DO MINIMUM WAGE INCREASES INFLUENCE WORKER HEALTH? Economic Inquiry, 1. Retrieved from ftp://repec.iza.org
Jardim, E., Long, M., Plotnick, R., Van Inwegen, E., Vigdor, J., & Wething, H. (2017). Minimum Wage Increases, Wages, and Low-Wage Employment: Evidence from Seattle. doi:10.3386/w23532
Lynn, M., & Boone, C. (2015). Have Minimum Wage Increases Hurt the Restaurant Industry? The Evidence Says No! CENTER FOR HOSPITALITY RESEARCH REPORTS.
Meer, J., & West, J. (2016). Effects of the Minimum Wage on Employment Dynamics. doi:10.3386/w19262
These issues apply to many companies in the new economy, but this discussion will focus on Microsoft, a major target of the government for anti-trust violations.
The network effects theory holds that products are more valuable to consumers the more widely they are used (Stenborg). This is certainly true of Microsoft Windows, an operating system that received the widest range of hardware and software compatibility as its popularity soared. Further, as businesses invested time and money to train their employees in Microsoft products, they continued to upgrade to the same software to maximize productivity.
Firms in new economy industries must invest great sums of money to develop their products, either in upfront research and development or in physical or virtual networks to create and deliver products (Stenborg). Microsoft is a natural monopoly business (Spaudling). Initially, it is expensive to produce software, but it is very cheap to make copies. The…
Bibliography
Kibbe, M.B. The minimum wage: Washingtons perennial myth. Cato Policy Analysis No. 106. http://www.cato.org/pubs/pas/pa106.html
Minimum wage. Wikipedia. http://en.wikipedia.org/wiki/Minimum_wage#Costs
Spaulding. W.C. Predatory pricing - Microsoft's modus operandi. http://thismatter.com/Articles/Microsoft.htm
Stenborg, M. Do we need new competition policy in the "new economy"? http://www.etla.fi/files/921_FES_02_2_competition_policy.pdf
Minimum age
Even though minimum wage has been around for many years, and was established to make sure that working people could survive and pay their bills, there are still many problems with it. This paper address both the pros and cons to raising the minimum wage, discussing not only how people can be helped by the increase in pay, but also how they are ultimately hurt by it to a larger degree. Organized labor usually fights to raise the minimum wage, but every time it goes up, prices follow, until those that make minimum wage end up worse off than they were before their wage increase.
Some states also have minimum wage laws, and often the state minimum wage is higher than federal minimum wage. hen the federal minimum wage is raised, states are at a loss with whether to raise theirs or not, and sometimes employers go out…
Works Cited
Brown, C. (1988). Minimum wage laws: Are they overrated? Journal of Economic Perspectives 2:133-47.
Burkhauser, R.V., Couch, K.A. And Wittenburg, D.C. (1996). Who gets what from minimum wage hikes: A replication and re-estimation of Card and Krueger. Industrial and Labor Review 49:547-52.
Deere, D., Murphy, K.M., and Welch, F. (2004). Sense and nonsense on the minimum wage. Regulation: The Cato Review of Business and Government. [Table].
Minimum Wage. (2004). The Columbia Encyclopedia, Sixth Edition.
Minimum Wage
Why the minimum wage should not be abolished in the United States.
There are diverse issues that have been debated by politicians and critics concerning the minimum wage in the United States. Some say that the minimum wage causes an increase in the unemployment rate. In turn, it causes negative effects on the nation's economy. However, the truth on this proposition is still to be proven yet. Taking the side that the minimum wage should not be abolished in the United States, I have the following arguments to present. Most of these are obtained from debates that have been conducted concerning minimum wage, as well as from available articles providing reasons why minimum wage must stay.
Much of the arguments saying that minimum wage must be abolished argue that it causes a high unemployment rate. There are a number of studies, however, that present evidences that a minimum…
Bibliography
Alexopoulus, Zach. Minimum Wages: Helpful Not Harmful.
2004. Vibewire.Net. 31 July 2004. http://www.vibewire.net/articles.php?id=2642
Hornberger, Jacod. The Minimum Wage: Enemy of the Poor.
The Future of Freedom Foundation. 31 July 2004. http://www.fff.org/comment/ed1298a.asp
The company can also allow a position to go unfilled for a time to increase its leverage; the unskilled worker would starve trying to stall for a higher wage. This again invalidates the argument that the free market can set wages effectively -- it cannot given the imbalance of bargaining power between workers and businesses. The minimum wage serves a specific economic role of balancing the bargaining power between workers and businesses.
One must also take into consideration the effect that the minimum wage has on the overall economy, and what would change if the minimum wage was abolished. By providing workers with a guaranteed living wage, the minimum wage ensures that they are able to purchase goods and services. Without a living wage, they would not purchase to the same level. If the minimum wage was abolished, companies would not lower the prices to reflect lower costs; rather, they…
References
Greene, B. (2013). What if there were no minimum wage? CNN. Retrieved March 5, 2013 from http://edition.cnn.com/2013/02/24/opinion/greene-minimum-wage
Romer, C. (2013). The business of the minimum wage. New York Times. Retrieved March 5, 2013 from http://www.nytimes.com/2013/03/03/business/the-minimum-wage-employment-and-income-distribution.html?pagewanted=all
Only 2.1% of minimum-wage workers belong to a union, versus 12.0% of the overall working population. Nonetheless, labor unions fight passionately for a higher minimum wage (Sherk).
When the minimum wage rises, it becomes more expensive to hire unskilled workers. This makes the decision to employ highly paid and highly skilled workers, instead of unskilled workers, more attractive to businesses, and so businesses want to hire more skilled workers (Sherk).
With skilled workers in greater demand, their job opportunities and earnings rise. Unionized workers tend to be more highly paid and highly skilled than the population as a whole and, so, benefit from this effect. Raising the minimum wage could actually raise the earnings of union members who compete with minimum wage workers by 20 -- 40%. Meanwhile, non-union, low-skilled workers' earnings actually fall due to reduced working hours and fewer job opportunities (Sherk).
So the fact that unions are…
Bibliography
Gallaway, Lowell and Richard Vedder. "Does the Minimum Wage Reduce Poverty?" June 2001. Employment Policies Institute. 7 May 2009 .
Sherk, James. "Union Members, Not Minimum-Wage Earners, Benefit When the Minimum Wage Rises." 7 Feb 2007. The Heritage Foundation. 7 May 2009 .
Turner, Mark D. "Does the Minimum Wage Help or Hurt Low-Wage Workers? ." 14 Jan 2000. U.S. Department of Health & Human Services . 7 May 2009 .
Wage and Hour Division (WHD). "Handy Reference Guide to the Fair Labor Standards Act ." July 2007. U.S. Department of Labor. 6 May 2009 .
Economists have consistently argued that the very existence of a minimum wage reduces employment opportunities for low wage workers. A small business, for example, may have work that needs to be done but can't afford to hire a minimum wage worker; that is one less job that will be offered and, perhaps, willingly taken. ecent research has supported this contention (Turner, 1999).
eduction of poverty is the crux of any argument for enacting a minimum wage, and yet in the 72 years since the first minimum wage was created in the U.S., poverty rates have not been substantially reduced (Joint Economic Committee, 1995). Instead, the existence of a minimum wage has been shown to offer opportunities for a few as they use entry-level employment as a stepping stone (Kersey, 2004), while at the same time negatively impacting some of the socio-economic groups most in need of assistance in the U.S.…
References
Fair Labor Standards Act. (1938). P.L 75-718.
Joint Economic Committee, Congress of the United States. (1995). 50 Years of Research
on the Minimum Wage. Washington, D.C.
Kersey, Paul. (2004). The Economic Effects of the Minimum Wage. Testimony before the House of Representatives; Small Business Committee; Subcommittee on Workforce, Empowerment, and Government Programs.
A minimum wage also gives businesses incentives to use fewer employees and to look for less expensive labor substitutes such as automation through technology. and, the minimum wage can force many small companies who operate on thin profit margins out of business.
Thus, the minimum wage, an artificial wage subsidy for unskilled workers, means job losses. This is a commonly accepted view by most economic experts. According to a 1978 article in American Economic Review, 90% of the economists surveyed agreed that the minimum wage increases unemployment among low-skilled workers (Kearl, J.R., et al. (1979). During troubling economic times like today, it's better to have workers employed at the rate the market will bear than not at all.
orks Cited
Kearl, J.R., et al. (1979). A confusion of economists? American Economic Review 69: 28-37.
Should the minimum wage be abolished (i.e. reduced to $0.00)? BalancedPolitics.org. http://www.balancedpolitics.org/minimum_wage.htm
Works Cited
Kearl, J.R., et al. (1979). A confusion of economists? American Economic Review 69: 28-37.
Should the minimum wage be abolished (i.e. reduced to $0.00)? BalancedPolitics.org. http://www.balancedpolitics.org/minimum_wage.htm
There has been a lot of news and talk about the minimum wage as of late. The talk has come from government, the lower-wage workers of America and other people who happened to be interested in the subject for whatever reason. However, many people that are speaking on the subject seem too interested in spouting soundbites and are concurrently not focused enough on economics and realities as they exist. While it is true that the minimum wage has not budged all that much in the last generation or so, it is also true that it is not a fix-all and there are consequences inherent to raising the minimum wage too much and/or too fast.
As noted in the introduction, the minimum wage has not moved all that much in recent years. It has gotten to the point that there have been times in the not-so-distant past that the minimum wage…
Human Resources Management: How to Improve Minimum Wage Policy Management in Hong Kong
The objective of this research is to analyze the advantages and disadvantages of minimum wage legislation in Hong Kong. When hike minimum wage can help lower skilled worker. This study will conduct an evaluation of the minimum wage hiking and how it can help the lower skilled workers and will additionally compare benchmarking minimum wage legislation with other countries, for example the standard of minimum wage.
Following minimum wage legislation the primary problems that employers and employees faced included for employers the turnover rate of lower-wage workers and how to reduce the cost of training that affects the quality of service and the working attitude and behavior of employee lack of enthusiasm. For employees problems included the increase in the unemployment rate and reduction in fringe benefits including such as medical insurance. Included in this study will…
Bibliography
Blundell, R., and H. Reed, 2000. The Employment Effects of the Working Families Tax Credit. Institute for Fiscal Studies Briefing Note No. 6, April.
Advisory, Conciliation and Arbitration Service, 2000. Annual Report 1999 -- 2000.October.
Bartlett, B., 2000. The Verdict on the Minimum Wage: Guilty on All Counts. Economic Affairs. September.
Bartwell, R., 2000. Age Structure and the UK Unemployment Rate. Bank of England Working Paper 124.
raising minimum wage relates supply demand analysis. • If raise minimum wage businesses compensate raise workers? • According United States Department Labor, Minnesota's current minimum wage large employer's small employer's hour? • How hard working people expect ahead minimum wage low? • Due cost living minimum wage increase? This a comprehensive paper a minimum library resources.
aising the minimum wage: Supply and demand analysis
Although there is a great deal of disagreement about how to regulate the minimum wage in America, statistics indicate that the minimum wage has not been keeping pace with inflation. "The federal minimum wage is just $7.25 an hour and hasn't been raised in three years. But a raise is much more overdue than that. If we look at the minimum wage 44 years ago, and simply adjust it for inflation, it would be more than $10 today" (Weisbrot 2012). However, there is tremendous resistance to…
References
Cahill, Ben. (2012). The effect of the minimum wage on getting a foot-long Subway.
Tutor2U. Retrieved: http://www.tutor2u.net/blog/index.php/economics/comments/the-effect-of-the-minimum-wage-and-getting-a-foot-long-subway
Characteristics of minimum wage workers. (2012). Bureau of Labor and Statistics. Retrieved:
http://www.bls.gov/cps/minwage2010.htm
This is the case in northern Europe and Canada, where minimum wages are more or less reserved for students. Over the long run, American companies are forced to turn to innovation and American workers are driven to improve their education. Only in the short run do you see suffering in terms of job losses among workers who refuse to upgrade their skills and companies who insist on competing on the basis of price against foreign firms with deeply-embedded cost advantages.
If the price floor were eliminated, the American economy would ultimately suffer. In the short run, firms would be able to hire more people, but at lower wages. This would create jobs, but would have a negligible impact on purchasing power as companies would not spend more on wages, just spread their wages around to more people. There would be significant downward pressure on real wages. For many firms, however,…
Works Cited:
Henderson, D. (2006) the negative effects of minimum wage. National Center for Policy Analysis. Retrieved November 5, 2009 from http://www.ncpa.org/pub/ba550
No author. (2006). Business owners, CEOs say higher minimum wage good for business. National Council of Churches. Retrieved November 5, 2009 from http://www.ncccusa.org/news/061031higherminimum.html
Krugman, P. (1998). The living wage. Paul Krugman. Retrieved November 5, 2009 from http://www.pkarchive.org/cranks/LivingWage.html
While it will certainly be helpful, especially given the cuts in student loans, for young people trying to work their way through college with their parent's help, a raise in the minimum wage is simply one step in what must become a greater war on poverty and its causes. Teach a worker to fish for a lifetime, not merely to eat a bit better on a slightly better wage for one day. Increase access to job training, institute a health care system so that low-wage workers will not have to divert their salaries to such costs, and create more access to safe and affordable day care to make the increase in the minimum wage meaningful, and not just minimal improvement.
Many of these jobs are therefore filled with illegal immigrants, who are more than willing to work for the low wage of the current minimum wage because it is still better than what they would be paid in their home country.
Now, if the reason for the need for minimum wage workers is because these jobs do not pay enough, it would be reasonable to argue that by increasing the pay of these positions there will be more of an incentive for legal citizens and/or residents to take the jobs. Although most people are not willing to work for the current minimum wage, many will be willing to work for the $7.25 proposed rate. This will fill the vacancy of minimum wage jobs that have been hired out to illegal immigrants. If these jobs are filled by legal workers, then there will be less work opportunities for illegal immigrants. If…
Wage Issues and Economic Supplements
The interview for this assignment was conducted with the human resources manager of Ford Motor Company. The company has prolonged its partnership with the United Automobile Workers union. The interview questions and their answers are listed below.
How do you rate the wage level in your company in relation to the minim wage?
Ford Motor is a company that attributes its success on the quality of its manufactured vehicles. These high quality standards can only be achieved with the quality input of our workers. Therefore, their performance becomes connected with their job satisfaction, which relies on the wages they receive for their work. We want high quality work, and we pay higher than average wages.
Q2: Are there any types of jobs within your company where you pay minimum wages?
A2: There most certainly are. We have positions where unskilled workers are required. For such…
Reference list:
1. Masterfano, M. (2013). Unions: The Good, the Bad, the Ugly. The Huffington Post. Retrieved October 6, 2013 from http://www.huffingtonpost.com/michele-masterfano/unions-the-good-the-bad-t_b_3880878.html .
2. Budd, J. (2012). Union Bargaining. Retrieved October 7, 2013 from http://answers.mheducation.com/business/management/labor-relations/union-bargaining.
3. Budd, J.W. (2012). Labor Unions: Good or Bad? Retrieved October 7, 2013 from http://answers.mheducation.com/business/management/labor-relations/labor-unions-good-or-bad.
Wage and Benefit Determination
Individuals supply labor to the market at a price called the wage rate of labor. How much labor an individual supplies is related to his level of non-labor income, and cost benefits determination of time spent at leisure, vs. work.
A union can raise the wages of those who continue to be employed in a competitive labor market at the expense of the level of employment. So if the competitive equilibrium is at E0 and the wage is w0 employment is q0. If a union enters this market and sets a wage of W1, a new equilibrium will be established, e1. The supply curve has become w1xs0. At the new wage, W1, there will be q1q2 workers who would like to work but whom the industry will not hire. Employment will be q1. The decrease in employment due to wage increase is q1q2
Minimum wage is…
The employer, according to the rules laid out by the IMSS, is expected to contribute at least a minimum amount according to the risk factors involved in the job into the fund, that is, a sum of 17.42% of each worker's wage. Basic health care, medical facilities, accident care, as well as care for illnesses are all taken care of under the social security fund. In addition, the employer is expected to pay about 5% of a fixed payroll tax into a fund that will help the employee find a home of his own easily. This fund is known as the 'National Fund for Employee Housing' or INFONAVIT. "The goal of this federal program is to provide benefits allowing employees to more easily acquire a home"
2% or 25 times the minimum wage, of a worker's salary must also be paid into the SA or the etirement Savings System under…
References
Abbot, Cheryl. "Employer Costs for Employee Compensation South Region: March 2004." United States Department of Labor. Retrieved at http://www.bls.gov/ro6/ro6ecec.htm . Accessed on 2 December, 2004
Common Law Definition of an Employee." (2001) Retrieved at http://www.hrtools.com/pops/P99_05_0120_01.asp. Accessed on 2 December, 2004
Definition of Employee." Lectric Law Library's Lexicon. Retrieved at http://www.lectlaw.com/def/e009.htm . Accessed on 2 December, 2004
Employee Benefit Research Institute: 2003 Findings." Retrieved at
Another serious con when it comes to the minimum wage is that raising it stops some people who would have otherwise gone on to further their education (Wellington, 1991). These people do not see the need for more education, because they realize that they can enter the job market and make enough money to survive. That makes them happy, so they are satisfied with what they have. Later, when they realize that they cannot advance without a better education, they become frustrated and stuck in their job (Wellington, 1991). They feel trapped, but by that time there is not a lot that they can do. They may already have a lot of bills and/or a family, and going back to school is not something that they can do at that time. The lack of education in the workforce brings the entire economy down and keeps companies that are looking for…
Bibliography
Black, John (2003). Oxford dictionary of economics. New York: Oxford University Press, p. 300
Sowell, Thomas. (2007). Basic economics (3rd ed): A common sense guide to the economy. New York: Basic Books, pp. 210-221.
Wellington, Alison J. (1991). Effects of the Minimum Wage on the Employment Status of Youths: An Update. Journal of Human Resources, 26(1), pp. 27-46.
Minimum Required Curriculum
The main point of this article centers around the belief that the curriculum that is currently taught in most colleges is clearly not teaching students what they need to know. In other words, when they obtain their bachelor's degree they have learned very little of what they need to know and they have only learned to memorize information to pass the tests to receive that degree. They have been taught certain things, and they have retained those things long enough to pass tests on the required subjects, however learning and then forgetting information does not mean that actual learning has taken place.
The article points out that courses in specific disciplines are very important, but that many courses do not ask students to actually use logic and abstract thinking to arrive at answers. Merely learning something from a book and taking a test on it is not…
Compensation has become a very contentious issue within the developed world of late. Economies are continuing to struggle. The EU has created a form of quantitative easing designed to restore wage growth and stimulate the economy. China is slowing as it transitions into a consumer driven economy as oppose to an export driven economy. Brazil is struggling with massive inflation and unemployment resulting in a recession for the country. America continues to grow but only at a 2% rate. This is well below the 3% GDP growth that many economist and experts are expecting. The world is lagging behind its historical trends of growth and development. As a result, compensation growth will naturally lag. Issues abound about how to properly stimulate compensation and wage growth throughout the world. The issue is particularly important for America, with 70% of GDP resulting from consumption of goods and services. This consumption will not…
References
1) Card, D., & Krueger, A. B. (1995). Myth and measurement: The new economics of the minimum wage. Princeton: Princeton University Press.
2) Judge, Timothy A., Department of Management, Warrington College of Business, University of Florida, FL, U.S.. Cable, Daniel M., Department of Organisational Behaviour, London Business School, London, England
3) Figueroa, J.B. and Shaheed, Z. (Eds.) (1995). New Approaches to Poverty Analysis II: Reducing poverty through labor market policies.International Institute for Labor Studies, International Labor Organization, Geneva
Laws and Wages
Legislation and Wages: An Intricate Dance, but Who's Leading?
Government and employment have always had and will necessarily continue to have a complex and mutually influential relationship, not least in the area of wages. What people are able to earn has always been a pressing issue in any capitalist system, and can influence the formation and the actions of government in numerous direct and indirect ways. In the other direction, legislation enacted by the government can both directly impact employees' wages and have indirect impacts through the changing of burdens that employers must contend with in compensating employees and operating their businesses. This paper briefly examines the relationship between government and wages, and specifically between legislation and employers' abilities to pay wages and utilize wages as an effective workforce motivator and stabilizer. This examination shows that good intentions can sometimes have questionable results, even when the ethical…
References
Bernstein, D. (1993). The Davis-Bacon Act: Let's Bring Jim Crow to an End. Accessed 12 December 2012. http://www.cato.org/pubs/briefs/bp-017.html
Cornell. (2007). Lilly M. Ledbetter, Petitioner v The Goodyear Tire & Rubber Company. Accessed 12 December 2012. http://www.law.cornell.edu/supct/html/05-1074.ZD.html
US DOL. (2012). The McNamara-O'Hara Service Contract Act (SCA). Accessed 12 December 2012.
elativism
n "Some Moral Minima," Lenn Goodman argues things simply wrong. Do Goodman ? Using specific examples, explore challenges Goodman presents relativism. Determine universal moral requirements, defend answer.
Moral minima: Goodman's arguments against relativism
Given the increasing globalization of modern society, combined with the influence of postmodernism, the philosophy of moral relativism has become increasingly popular and accepted within the academy. However, according to Lenn E. Goodman's essay "Some moral minima," some things are 'just wrong.' Goodman writes: "All living beings make claims to life" (Goodman 2010: 88). In other words, to protect the sanctity of human life, sometimes it is necessary to lay down certain absolute ground rules of morality that, regardless of cultural differences, must be obeyed. These include prohibiting: terrorism; hostage taking and child warriors; slavery, polygamy, and incest; and rape and female genital cutting (Goodman 2010: 88).
However, while these ideas may seem like 'no brainers'…
References
Goodman, Lenn. (2010). Some moral minima. The Good Society, 19 (10): 87-94.
he ramifications for this in the economy would be that in order to maintain profits, prices would need to increase in order to match the rise in wages that stemmed from sustained constraints on the labor supply.
he Corn Laws were introduced in 1815 as import tariffs, designed to protect corn prices in Great Britain from lower-priced imports. Ricardo naturally opposed the Corn Laws, as he believed in free trade as espoused in his theory of comparative advantage. Ricardo viewed the corn tariffs as unnecessary -- if other nations can product corn better, labor would need to be repositioned in Britain to other activities in order to trade with those grain-producing nations.
he Corn Laws also had an adverse impact on wealth distribution. At the time, unemployment was high in Great Britain so it was more likely that usual that the iron law of wages would hold, given the surplus…
The Corn Laws were introduced in 1815 as import tariffs, designed to protect corn prices in Great Britain from lower-priced imports. Ricardo naturally opposed the Corn Laws, as he believed in free trade as espoused in his theory of comparative advantage. Ricardo viewed the corn tariffs as unnecessary -- if other nations can product corn better, labor would need to be repositioned in Britain to other activities in order to trade with those grain-producing nations.
The Corn Laws also had an adverse impact on wealth distribution. At the time, unemployment was high in Great Britain so it was more likely that usual that the iron law of wages would hold, given the surplus of labor. The Corn Laws essentially locked in prices for grain for local producers, meaning that land owners would see increased profits, precisely at a time when workers were seeing real wages decline.
Ricardo understood that the Corn Laws would produce unequal distribution of wealth. He saw that if protections of domestic grain markets were removed, labor would be redeployed to other areas of the economy. Real wages in the agricultural sector would increase and the workers' share of wealth would increase as a result. The nation would also benefit as the price of corn and grain would decrease due to foreign trade. Redeployed workers would be able to help other areas of the economy grow, in particular those free from tariff burdens, again achieving a greater distribution of wealth than occurred under the Corn Laws.
Fair Labor Standards Act (FLSA) has several important roles in the American economy. The FLSA establishes standards for the basic minimum wage and for overtime pay in the United States. It was established by the U.S. Congress in 1938, and it also sets the standards for child labor, and for recordkeeping by employers, according to Susan Healthfield, writing in about.com. The FLSA " ... affects most private and public sector employment," which includes federal government employees, state and local employment as well (Healthfield, 2015). This paper delves into how the FLSA applies to compensation in a variety of ways and situations.
The Minimum age -- Issues and Differences
hile the FLSA sets the national minimum wage at $7.25 per hour -- that rate went into effect on July 24, 2009 -- it does not " ... provide wage payment collection procedures" for the additional wages that an employee may have…
Works Cited
CBS / KCBS. (2015). San Francisco Minimum Wage Rises to $12.25 An Hour. Ties Oakland For Highest in Nation. Retrieved January 23, 2016, from http://sanfrancisco.cbslocal.com .
FLSA Home Page. (2007). Coverage under the FLSA. Retrieved January 23, 2016, from http://www.flsa.com .
Healthfield, S. M. (2015). What You Need to Know About the Fair Labor Standards Act.
Retrieved January 23, 2016, from http://www.humanresources.about.com .
Employment Law in Vietnam
Summary of Minimum Statutory Entitlements
Annual Leave
Maternity Leave
Form of Contract
Termination
Discrimination Laws
Data Privacy Legislation
The Mandatory Social Security Fund
Employee Compensation
Summary of Visa Requirements www.mayerbrownjsm.com
This booklet provides general advice only and should not be treated as a substitute for legal advice. While care has been taken to ensure that details are correct, no responsibility can be taken for losses arising from the reliance upon its contents. Should you have any speci? c questions please contact Dao Nguyen on +84 8 822-8860 or email at dao.- -- .
© 2008. Mayer Brown LLP, Mayer Brown International LLP, and/or JSM.
Mayer Brown is a global legal services organisation comprising
legal practices that are separate entities ("Mayer Brown Practices").
The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International
LLP, a limited liability…
gender-based wage disparities still reflect serious issues of concern (Hirsch 2008). Major disparities remain for women. A 2008 article captured a good deal of interest with its simple declaration that "Across-the-board figures from February this year indicate that full-time female employees earned an average $1,004 a week compared to fulltime male average weekly earnings of $1,190" (The Lamp). Others too have sought to use drama as a way of heightening the reality of some of the disparities. Noting that for those who earn upwards of $1,000,000 annually the ratio of men to women is 13:1 is as profound a comment as is the fact that income equality doesn't even begin to appear until one looks at earnings of about $25,000 and $30,000 (Lips, 2003, pp. 87).
Baron and Cobb-Clark (2009, pp. 229) express concern that, as they put it, "Forty years after the 1969 Equal Pay Case there continues to…
REFERENCES
Baron, JD & Cobb-Clark, WA (2009). 'Occupational Segregation and the Gender Wage Gap in Private- and Public-Sector Employment: A Distributional Analysis.' The Economic Record, vol. 86, no. 273. pp. 227-246.
Bertrand, M. (2010). 'New perspectives on gender.' Handbook of Labour Economics. Vol. 4b. DOI 10.1016/S0169-7218(11)02415-4. 1545-1592.
Cobb-Clark, D. And Tan, M. (2010). 'Noncognitive skills, Occupational attainment, and relative wages.' HILDA. Melbourne Institute of Applied Economic and Social Research.
Coelli, M. (2011). Occupation differences and the gender wage gap in Australia: a detailed re-assessment. HILDA. Melbourne Institute of Applied Economic and Social Research.
pay good wages I a lot money; I a lot money I pay good wages." (obert Bosch) Explain quote, means . Using concepts textbook, (Contemporary Management, 7th Ed. Gareth . Jones & Jennifer M. George) apply explain managerial significance.
Contemporary Management
The quote that obert Bosch said is "I don't pay good wages because I have a lot of money, I have a lot of money because I pay good wages." What he meant by this is that the salaries he paid his employees were not the result of his wealth, but his wealth was the result of paying good salaries to his employees. In other words, he valued and acknowledged his employees' work.
The success of obert Bosch and his businesses are relied on his management skills. This refers to innovation, but also to people management skills. Most of obert Bosch's businesses were innovations, technological advancements. But there are…
Reference list:
1. Jones, G. & Goerge, J. (2010). Contemporary Management. Retrieved September 23, 2013 from http://www.ebay.com/ctg/Contemporary-Management-Gareth-R-Jones-and-Jennifer-M-George-2010-Hardcover-/80457592 .
Wage Equity for Women
Compensation and Gender Pay Gap
Compensation is one of the main functions of human resource management (HM), with the goals of meeting an organization's objectives, maximizing an organization's investment in a labor force, and rewarding employees for their contribution. Ideally, HM should implement a compensation policy that provides equitable and consistent treatment for all employees, thereby improving productivity, employee retention, and loyalty. The term 'procedural justice' has been used to describe this process and represents, for example, whether an employee perceives a compensation policy as equitable and fair.
Based on Taylor's (1989) analysis, the Equal Pay Act of 1963 fails to address procedural justice because it ignores jobs with 'comparable worth.' The Equal Pay Act requires equal compensation for equal work, but Taylor (1989) points out that jobs with equal value to an employer or society also deserve equivalent rates of compensation, regardless of whether comparable…
References
National Women's Law Center. (2013). 50 Years & Counting: The Unfinished Business of Achieving Fair Pay. Retrieved from http://www.nwlc.org/sites/default/files/pdfs/final_nwlc_equal_pay_report.pdf.
Perry, J., & Gundersen, D.E. (2011). American women and the gender pay gap: A changing demographic or the same old song. Advancing Women in Leadership, 31, 153-9.
Taylor, S.H. (1989). The case for comparable worth. Journal of Social Issues, 45(4), 23-37.
United States has waged a "War on Drugs." Within this endeavor the nation has passed and implanted some extremely tough laws regarding drugs, on a local, state and national level. The laws are meant to act as a deterrent for those who abuse drugs by way of sales, manufacturing and use. The laws send people to prisons for a long time as well as create probation and parole status for many who violate the laws.
The belief is that stricter laws will reduce the number of drug offenses and drug use in the United States. Those who draft and pass the legislation for tougher drug laws believe that the fear of jail and other punishments will deter people from drug use, manufacturing and sales. While this has been going on for the last few decades the nation has continued to wrestle with drug issues. It is unclear whether the tough…
Martin Kasindorf, Elders: Study Drug Legalization., Newsday, 12-08-1993, pp 17.
Holland's Drug Policies: The Lesson for Canada
http://www.readersdigest.ca/mag/2000/08/think_drugs.html
Heritage scholars obert ector and ea Hederman found that only a little more than one quarter worked for 2,000 hours or more. They suggested that poverty in America was less of a material deprivation and more of emotional and spiritual loss, the awareness or knowledge of one's dependence on state and federal bureaucrats and a loss of self-esteem resulting from the knowledge of self-insufficiency. The working poor, on the other hand, are capable of facing their future with optimism and confidence, no matter how little they earned. It was the control they had over their lives, which translated into their contribution to the economy (Kersey).
An opposing view was suggested, wherein an increase in the minimum wage would benefit low-income workers, in general, and those below the official poverty line, in particular (Economy Policy Institute 2006). If and when the proposed minimum wage increase was approved, the wages of approximately…
References
1. Economy Policy Institute.2006. Minimum Wage Facts at a Glance. http://www.epinet.org/content.cfm/issueguides_minwage_minwagefacts
2. Kersey, Paul. 2004. The Economic Effects of the Minimum Wage. The Heritage Foundation. http://www.heritage.org/research/labor/tst042904a,cfm?tenderforprint=1
3. Morris, David. 2004. The American Voice 2004. The American Voice. http://www.americanoice2004.org/minimumwage/index.html
4. Office for Social Justice St. Paul and Minneapolis. 2006. Facts about Poverty. 101 Economic Facts that Every American Should Know. http://www.osjspm.org/101_poverty.htm
Economics Consulting on Minimum age
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 eek, 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) ages 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…
Works Cited
Evans, Michael. (1 Jun 2004) "On The Economy -- Shift To Services Continues.' Industry Week. Retrieved 19 Mar 2005 at http://www.industryweek.com/ReadArticle.aspx?ArticleID=2366
Mc Donald's. (2005) "People Promise: History." Official Website. Retrieved 19 Mar 2005 at http://www.mcdonalds.com/corp/values/ppromise/people_history.html
Mc Donald's. (2005) "People Promise: Values." Official Website. Retrieved 19 Mar 2005 at http://www.mcdonalds.com/corp/values/ppromise.html
"McDonald's." (2005) The Vault.com. Official Website. Retrieved 19 Mar 2005 at http://www.vault.com/companies/company_main.jsp?co_page=10& ; product_id=930
This is circular logic that appears to dehumanize our freedom and minimalize our existence. The atomization of the responsible self is unimaginative and restrictive, I'll choose something else to listen to if I have a choice.
Question 7
Work itself is exploitative in nature. Only when a person can work for himself or herself can exploitation be limited to being self-imposed. Labor and work do not belong to anyone, they are mere expressions of idea, to claim them as a tangible thing is confusing and appears to have a disingenuous motive.
Question 8
Perfection is in the eye of the beholder and even though there are characeristics of a perfect market such as large amounts of buyers and sellers and a shared responsibility, there is undoubtedly some flaw within the system. Perfect markets would require no exchange of money, only ideas as money itself is a market within itself causing…
Human esource Management class focus area. Here questions: 1. Your company plans build a manufacturing plant undecided locate .
New manufacturing plant
The opening of a new manufacturing plant in a different location is pegged to a series of uncertainties and risks. In order to minimize these risks, it is necessary for the economic agent to consider a wide array of elements in making the final decision of the location. At this level, a notable role is played by the purpose of the new location. The two more common reasons for opening new manufacturing plants are either a desire to expand production, or a desire to cut costs and as such support profitability.
In the first scenario then, more emphasis in choosing the location would be placed on the identification of a new site that possesses some comparative advantage in the field of manufacturing. This advantage could refer to skilled…
References:
Greenhouse, S. (2011). Union membership in U.S. fell to a 70-year low last year. The New York Times. http://www.nytimes.com/2011/01/22/business/22union.html?_r=0 accessed on December 19, 2012
Schmidt, P. (2009). Minimum wages and employment -- theory and empirical evidence with a special emphasis on Germany. GRIN Verlag.
(2012). Union membership in the U.S. International Labor Organization. http://www.ilo.org/washington/ilo-and-the-united-states/spot-light-on-the-us-labor-market/union-membership-us/lang -- en/index.htm accessed on December 19, 2012
(2010). The world factbook -- United States. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/geos/us.html accessed on December 19, 2012
The act contains a prescription drug entitlement. This is accomplished by providing subsidies for employers to convince them not to eliminate prescription drug benefits for retired workers. Further subsidies were made to prescription drugs for Medicare beneficiaries. Extra money was given to rural hospitals. The act also provided for a trial of partly-privatized Medicare.
Another result of the act was the creation of health savings accounts for workers. These replace company-run health reimbursement arrangements, and the HSAs offer advantages over flexible spending accounts, especially because the former rolls over where the latter does not. This part of the act was designed to replace the Medical Savings Account system. Lastly, there were internal changes such as with respect to the way claims are processed.
This law is a good law. hile expensive for the federal government because of its prescription drug provisions, it introduced the HSA system, which represents an improvement…
Works Cited:
Ellig, Bruce R. (2001). Strategies for gaining a powerful edge in the executive talent wars. McGraw Hill Professional. Retrieved April 1, 2009 from http://books.google.com/books?id=hBPaskPAJUQC&pg=PA4&lpg=PA4&dq=intrinsic+extrinsic+compensation&source=bl&ots=2u2mESAWlv&sig=cxUlTaJEdvUidA_Omlpt7lTfcuE&hl=en&ei=xxjUSYDwHOKPmAeSk8SxDw&sa=X&oi=book_result&ct=result&resnum=6#PPA4,M1
Card, David & Krueger, Alan B. (1997). Myth and Measurement. Princeton University Press. Retrieved April 1, 2009 from http://books.google.com/books?id=VDNI0Uy86J8C&printsec=frontcover
Subway
Supply and Demand at Subway
Supply and demand refer to much of the product the firm produces and how much of a product the consumers want, and each of these is affected by a number of factors (Investopedia, 2011). Among the factors that affect supply are the expected demand, the expected price the firm will receive, the price of inputs and the competition in the market (EconPort, 2006). Thus, if there are more competitors, Subway might feel like demand was going to be lower, and then it would produce less. There is a relatively short lead time for ordering, which means that an individual store might be able to make changes based on changes in demand very quickly. For the company as a whole, supply decisions are about store openings and closings, and these can also be affected by internal factors, like the need for capital.
There are also…
Works Cited:
Danzinger, L. (2007). The elasticity of labor demand and the minimum wage. IZA. Retrieved December 8, 2011 from ftp.iza.org/dp3150.pdf
Doyle, J. (2006). Employment effects of a minimum wage: A density discontinuity design revisited. MIT Sloan School of Management. Retrieved December 8, 2011 from www.mit.edu/~jjdoyle/doyle_mw_oct06.pdf
EconPort. (2006). Factors affecting supply. EcoPort. Retrieved December 8, 2011 from http://www.econport.org/content/handbook/supply/changeSupply.html
Investopedia. (2011). Economics basics: Demand and supply. Investopedia. Retrieved December 8, 2011 from http://www.investopedia.com/university/economics/economics3.asp#axzz1fzq8ullj
Teams should be created that embrace a diversity of skills and workers from different areas of expertise, so there is no knowledge overlap, and thus less jockeying for position of who has the better qualifications within a certain field. If necessary, a clear leader should be established who understands the importance and the time table of the goal of the team. One problem with self-managed teams is that personality rather than goals can become the focus of team discussion. Because the goal is set externally, employees must become internally motivated to reach that goal. Having a clear leader selected beforehand, if the leader does indeed deserve his or her authority, may be a wise managerial move to limit grabs for power. If all members of the team are relatively similar in skills, however, giving the team more jurisdictions in selecting leadership roles might be considered.
The team must have a…
Works Cited
Technical Terms Used in Project Portfolio Management." (2005). Glossary.
Lee Merkhofer Consulting. Retrieved 1 Feb 2008 at http://www.prioritysystem.com/glossary2b.html
Utility analysis: An overview." (2004, April). Vital Enterprises. Retrieved 1 Feb 2008 at http://www.vitalentusa.com/learn/utility_analysis_overview.php#basic_assump
A living wage is intended to provide a certain minimum level to sustain life and to push toward the abolition of poverty. It is also based on the vie that money can be saved by the city if the city does not have to provide certain health and other services to the working poor because they can pay for it themselves or because their employers provide it as part of the package. By most measures, it saves money when the employer makes such arrangements because the employer is more cost-conscious than a government entity may be. In truth, it would be preferable if a larger political entity made such an ordinance binding, as is noted by Coverford (2006), who says the Chicago law would be ineffective in the suburbs because retailers could easily move across boundaries to a smaller suburb without such a law it if so chose. If the…
References
Comerford, M. (2006, June 29). Living Wage Challenged Why Chicago's Pay Plan Won't Work in the Suburbs. Daily Herald, 1.
Critics assail living wage study (2002). United Press International, retrieved August 19, 2007 at http://www.highbeam.com/doc/1G1-84649824.html .,
Daniel, C. (2004, March 22). The myths of the living wage. Business Perspectives. Retrieved August 19, 2007 at http://www.highbeam.com/doc/1G1-118376814.html .
Fine, H. (2006, November 20). Businesses planning referendum to block living wage. Los Angeles Business Journal, retrieved August 19, 2007 at http://www.highbeam.com/doc/1G1-155737409.html .
orkers can increase their own value in the workplace by improving their work assets, through education, effort or tenure.
In addition, the U.S. economy would not necessarily benefit. A higher national minimum wage would distort the market for labor in some states that currently face conditions leading to lower wages. This disruption of the market could reduce demand for labor and could also result in a less efficient market. In addition, increases in production costs are often passed on to consumers. hile the minimum wage worker may earn more, inflation will increase, essentially transferring wealth from all consumers to a small group of workers. This does not imply the creation of new wealth, only a redistribution of it in a manner that increases economic inefficiency. In addition, a higher minimum wage entices workers into the job market to the detriment of other workers, and many minimum wage earners are young…
Works Cited:
Mui, Y. & Barnes, R. (2007). High court overturns century-old antitrust rule. Washington Post. Retrieved October 5, 2010 from http://www.washingtonpost.com/wp-dyn/content/article/2007/06/28/AR2007062802370.html
Gibson, M. (2010). A brief history of OPEC. Time Magazine. Retrieved October 5, 2010 from http://www.time.com/time/business/article/0,8599,2019120,00.html
Garfield, R. (1996). The case against a higher minimum wage. Joint Economic Committee Report. Retrieved October 5, 2010 from http://www.house.gov/jec/cost-gov/regs/minimum/against/against.htm
The concept of the multiplier effect is closely related to the concept of marginal propensity to spend and consume. Marginal propensity can be understood as the increase in personal consumer consumption and saving that occurs with an increase in disposable income. When fiscal policy creates more disposable income for a family, the concept of marginal propensity predicts how much more they would be save and spend. Thus marginal propensity predicts the actual impact of fiscal policy when it is enacted and thus it can calculate the multiplier effect.
Prepare an essay describing Keynesian economic theory. Be sure to fully explain what is being critiqued and why. You should also be clear on why you find this particular critique so compelling. (600 words).
Keynesian economic was developed in the 20th century by the British economist John Keynes. Keynesian economics is basically a reinvention of classical economic theory, it focuses upon a…
Union address is explicitly mandated in the U.S. Constitution, Article II, Section 3: among the President's enumerated duties, it is required that "he shall from time to time give to Congress information of the Sate of the Union and recommend to their Consideration such measures as he shall judge necessary and expedient."
The applause and reaction during the 201 State of the Union address was frequently, but not always, partisan. Obviously certain issues appeal to both parties: Obama received bipartisan standing ovations when he discussed issues on which neither party would dare seem less enthusiastic than its rival (economic competition with China, support for Israel, social mobility through hard work). Likewise, at the speech's conclusion, the overwhelming bipartisan standing ovation for the injured Army Ranger, Cory Remsburg, indicates both parties' desire to be seen supporting injured veterans from Iraq and Afghanistan. However, on many political issues where the parties are…
4. Was Obama's speech a success? If we examine it in terms of concrete and substantive points, the speech is disappointing: there was very little in terms of actual proposals being offered, apart from the (largely symbolic) minimum wage increase for federal contractors. But this reflects the overall climate of Republican obstructionism that Obama faced throughout 2013. The actual state of the union in the past year has involved a government shutdown, total legislative gridlock, and polls demonstrating the massive unpopularity of Congress among all Americans. (An October 2013 poll claimed that Congress was less popular than cockroaches.) However, given the debased political conditions of 2013, we need to ask what success for Obama in this speech would even entail. Obama is not personally popular enough to turn the speech into a harangue against Congressional obstructionism: such a speech would look like an extension of the political polarization that is, indeed, the cause of much public disapproval. Instead, Obama used the speech to do the most sensible thing he could maange: he placed the issues solidly before Congress and ask them to deal with them, and he appealed to those outside Congress (mayors, governors, state legislators) to take action if Congress will not.
In terms of the three issues I have singled out -- education, minimum wage, and health care -- we can see the utter limitations placed on Obama without any congressional support. For education, Obama convenes summits and organizes partnerships to achieve very modest goals: he was hardly proposing free early education or free higher education for everybody (although both are standard in European democracies). For minimum wage, Obama can take executive action, but it affects a tiny sliver of America's actual minimum wage workforce -- it applies only to federal contractors. The President can do nothing to pizza store owners (and those like them) except encourage them to do the right thing: they cannot be compelled to raise the minimum wage without legislative action. And in terms of healthcare, Obama was facing a futile but unending congressional revolt: the 47 failed votes to repeal the Affordable Care Act, which Obama mentioned in the speech, have been as much of a media event with few substantial real-world consequences as Obama's State of the Union speech was.
5. Bizarrely the Republican Party offered four different responses: an official one by Rep. Cathy McMorris-Rodgers and a Spanish-language version of the same speech by Rep. Ileanna Ros-Lehtinen, plus an "official Tea Party" response by Sen. Mike Lee, and a rather chilling presidential campaign launch posing as a response offered by Sen. Rand Paul. McMorris-Rodgers, and presumably the Spanish-language equivalent, were rather short on content. It was impossible for me to evaluate Ros-Lehtinen's Spanish-language version of McMorris-Rodgers's speech, but presumably it had the same vague ideological blather about free markets and replaced the autobiographical musings about working at a McDonald's drive-thru or giving birth to a baby with Downs Syndrome with different autobiographical
Economics
According to Burrow, Verard and Kleindl (2007), "a market economy is an economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced." Hence in any hypothetical pure market economy, the government of the day does not take an active role in deciding what products the citizenry should buy and in what quantities. A pure market economy is however taken to be a theoretical ideal. Burrow, Verard and Kleindl (2007) on the other hand note that "a command economy is an economic system in which a central planning authority, under the control of the country's government, owns most of the factors of production and determines what, how, and for whom goods and services will be produced." In such an economic system, the government of the day largely dictates the mode of utilization of the various factors of…
References
Baumol, W.J. & Blinder, A.S. (2011). Economics: Principles and Policy. Cengage Learning.
Burrow, J.L., Everard, K.E. & Kleindl, B. (2007). Business Principles and Management. Cengage Learning.
Unleaded gasoline: Yes
pple Computer: Definitely.
Technological has affected quality of these products?
Hershey's Milk Chocolate Bar: Maybe. Upgrades in equipment that contribute to saving time, may potentially adversely affect quality, as with time savings, company may allocate increased responsibilities to employees.
Pepsi: $.99 for a 2 liter bottle: Maybe. Same reasons given for Hershey's Chocolate Bar.
McDonald's hamburger: Maybe. Same reasons given for Hershey's Chocolate Bar and Pepsi.
Unleaded gasoline: Yes.
Improve techniques, including robotics in refining oil contributes to improving the quality of the tickets.
pple Computer: Definitely. Today's computers have greatly improved to two technological advances fracturing them.
Based on what has happened to the purchasing power of people earning the minimum wage?
Hershey Bar: 1.45 oz - 40 cents; 1.65 oz cents/75 cent = 88% increase.
Pepsi: $.89 for a 2 liter bottle (historic food prices) = 11% increase.
McDonald's hamburger: 43 cents (historic food prices)…
A www.questiaschool.com/PM.qst?a=o&d=5001132553
Siddiqi, Moin a. "Oil Prices Hit New Highs as Winter Demand Bites." The Middle East Jan. 2000: 29. Questia. 3 Oct. 2007 http://www.questia.com/PM.qst?a=o&d=5001132553 .
Students Buy Texts Online to Save Money; Campus Bookstores' Prices Tripled since 1986." The Washington Times 12 Aug. 2006: A01. Questia. 3 Oct. 2007 http://www.questia.com/PM.qst?a=o&d=5016084048 .
Human esource Management
Motivation
Motivational Plan
Two Motivation Strategies
Motivating Minimum Wage Service Workers
The Importance of the Individual
Individual Work to Teamwork
Employers will usually want to maximize the productivity of their employees. Different employers may use different strategies to support and improve productivity. It has been demonstrated by a number of theorists, such as Mayo, Maslow, and Herzberg, that one of the most effective ways of improving employee performance is through the use of motivational strategies (Tohidi, 2011). The aim of this paper is to look at the development of a motivational plan, identify two potential motivational strategies and consider the way that a minimum wage worker may be motivated.
2.
Motivational Plan
A good motivational plan may allow the employer to motivate employees by supporting high levels of jib satisfaction, which will support positive behavioral traits, including low turnover, high produced and high quality work. For employees…
References
Cook, Sarah, (2008), The Essential Guide to Employee Engagement: Better Business Performance Through Staff Satisfaction, Kogan Page Publishers
Danish, Rizwan Qaiser; Usman, Ali, (2010), Impact of Reward and Recognition on Job Satisfaction and Motivation: An Empirical Study from Pakistan, International Journal of Business & Management, 5(2), 159-167
Mone, E. M; London, M. (2010), Employee engagement through effective performance management: A practical guide for managers, New York, Routledge.
Tohidi, H, (2011), Teamwork productivity & effectiveness in an organization base on rewards, leadership, training, goals, wage, size, motivation, measurement and information technology, Procedia Computer Science, 3, 1137-1146
Subway Supply and Demand
Subway Corporation:
Supply and Demand
Subway Corporation: Supply and Demand
Supply and demand of a good or service in economics is the basis for economic analysis in its entirety. Supply and demand centers on the different quantities that a producer or producers will make available to the market at different prices over a given period of time. The law of supply and demand is twofold. The law of supply functions that as price increases, producers are willing to produce and sell more, while if price decreases, producers are willing to produce and sell less. The law of demand is vastly similar. It functions in a manner that as price increases, the quantitiy people are willing to buy decreases, while as prices decrease, the quantity that people are willing to buy increases. The law of supply and demand illustrates a constant push-pull between the products that are…
References
Arnold, W. (2007). A Thirst for Milk Bred by New Wealth Sends Prices Soaring. New York Times. Web. Retrieved from: http://www.nytimes.com/2007/09/04
/business/worldbusiness/04milk.html.
Dohery, Regan. (2007). Milk Demand Stays Strong Despite High Prices. Reuters. Web.
Retrieved from: http://archive.newsmax.com/money/archives/st/2007/6
Methods
Methodological consideration on the project is designed as tri-partite study of legal and popular culture on UK immigration and the new formations of labour and capital through: Phase I: Archival esearch; Phase II: Data Analysis; and Phase III: Writing. Iterative archival and internet research will be employed throughout the project in order to craft substantive dialogue into the dissemination and publication of the project.
Implications to the Study
A study on migrant workers in the UK during a radical shift in the global economy, the research promises to offer new information on the mechanistic uses of law to redirect labour where capital flows are no longer adequate to sustain them. Integral to prospectus of the project is a comparative legal perspective, meant to engage and challenge our taken for granted assumptions about the role, rights and responsibilities of foreign nationals as they attempt to participate in Britain's democracy. Outcomes…
References
Downturn cuts foreign worker jobs (2009). BBC News. Available at: http://news.bbc.co.uk/go/pr/fr/-/2/hi/uk_news/politics/8317193.stm
Employment Act, 2008 (Commencement No. 2, Transitional Provisions and Savings) Order 2009. Office of Public Sector Information (OPSI). Available at: http://www.legislation.gov.uk/uksi/2009/603/pdfs/uksi_20090603_en.pdf
Employment Rights Act 1996. Order 2009. Office of Public Sector Information (OPSI). Available at: http://www.legislation.gov.uk/ukpga/1996/18/contents
A Gillespie 'The Human Rights Act 1998 and the European Convention on Human Rights (ECHR)' Jurist. Available at: http://jurist.law.pitt.edu/World/ukcor3.htm accessed 24 June 2010
Subway sandwich firm) Consider subway produces. What things change demand product? What things affect supply? How quantity demanded changed? What government raised minimum wage. How policy effect firm? SLP Assignment Expectations: Use concepts modular background readings good quality resources find cyber library internet search engines.
Consider what Subway produces. What are some things that would change the demand for your product?
A downturn in the economy might cause consumers to begin to 'brown bag' their lunches rather than to purchase lunch at Subway. However, consumers who used to patronize more 'high end' sandwich shops and restaurants might shift their preference to the less expensive Subway chain. Concerns about the health of fast food might cause consumers to be more apt to patronize Subway, given that Subway offers healthier options than many other chains and specifically promotes the health of its products as part of its marketing strategy. On the other…