Twenty-nine states and the District of Columbia have a state minimum wage higher than the federal minimum wage of $7.25. A number of states and cities have increased their minimum wage to as high as $15 per hour. Suppose that North Carolina lawmakers are considering raising the North Carolina minimum wage to $15. Would that higher minimum wage be A Good Thing or A Bad Thing for you? If you could vote on this proposal, would you vote to raise the minimum wage or would you vote to keep it where it is? Justify your answer. Be sure to incorporate positive economic analysis (that is, the economic effects of the higher minimum wage) as well as normative economics (your opinion about whether this would be Good or Bad).
Twenty-nine states and the District of Columbia have a state minimum wage higher than the federal minimum wage of $7.25. A number of states and cities have increased their minimum wage to as high as $15 per hour. Suppose that North Carolina lawmakers are considering raising the North Carolina minimum wage to $15. Would that higher minimum wage be A Good Thing or A Bad Thing for you? If you could vote on this proposal, would you vote to raise the minimum wage or would you vote to keep it where it is? Justify your answer. Be sure to incorporate positive economic analysis (that is, the economic effects of the higher minimum wage) as well as normative economics (your opinion about whether this would be Good or Bad).
There is a proposal to double the wage in an hour. the rise would be phased in over several years. Supporters say the rise is way overdue.
Hence, it is easy to be behind raising the salary if it means low-income workers will earn more. However, will the impacts stop here? Could there be some adverse consequences of mandating the next earnings that would come to harm the very individuals the upper wage is intended to help?
This is an issue that economists have long examined for the over eighty years the wage has been alive. There are several worries a couple of higher earnings. Will employers reduce the amount of wage workers employed? Or if the workers are kept, will employers cut their hours worked? Maybe over time, employers will only hire higher-skilled workers who – the employers judge – justify the upper pay.
Also, will the next pay encourage employers to maneuver aloof from using people to perform tasks to using technology and machines? This last possibility has become more of a priority with the rapid advancements within the capabilities of technology and machinery. Indeed, many experts think these advances will accelerate within the post-Covid-19 economy.
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