I. Minimum wage should be eliminated a. It increases the cost of human capital b. Deprives students or low skilled workers an opportunity to work c. Hurts small businesses A. Eliminating minimum wage will lower the cost of human capital 1. If there is no minimum amount the company has to pay, it can save some costs that it might otherwise incur.
Voodoo Anyone? Christopher Warden breaks down economics into a fool proof explanation, and uses terms references which a dummy could understand. As I read this informative book I gathered an understanding for the way in which our economy works, as well as the unseen ways in which our government handles the issues that affect our everyday life. In the first chapter, the author discusses what prices are the difference between the price of things, and the cost of things. He breaks down what the stores charge us in order to sell the product at a price we will pay, so the store can still make a profit on the item.
Improving people's standards of living. The necessity to combat poverty. Providing the living wage for the working poor. All of those statements are Fair Labor Standard Act’s claims that made a lot of people hold as beliefs when it proposed to raise the minimum wage. Minimum wage is the "lowest hourly wage firms may legally pay their workers.” To simplify, minimum wage is the base wage created to guarantee the ability of the worker to supply his/her needs (or family's), and to prevent the firms, by chances, exploiting their employees.
These are all working class jobs, but how can one define these jobs as working class? The answer is power the people have at these jobs. There may be a lot of differences in these millions of jobs done throughout the working class, but there’s similarities as well that make the working class the majority of the nation. “ For all their differences, working class people share a common place in production, where they have relatively little control over the pace or content of their work, and arn’t anybodies boss” ( Zweig 3). The working class shares common situations in the workplace such as they are not any bodies boss, barley have any power, and are vulnerable.
Durkheim sees anomie as responsible for the world’s disorder of economics- the lack of morality and regulation resulted in overpowering the weak; thus, he feels that only norms can prevent the abuse of power and calls for regulation and equal opportunity from birth- the greater the equal opportunity the less need for restraint. Marx looked at how capitalism separated humanity by making work a simple means of individual existence. In addition he describes society in terms of class and economic conflicts. Marx saw proletariat or people of a working class as being underneath the bourgeoisie or the capitalist of a modern society. Marx looked at how alienation of production of commodities by workers also leads to alienation of social life.
“For instance, the fall in the wage lowers people’s income and thereby reduces demand. That reduction may feed back to firms and reduce the demand for their goods, which might reduce the firms’ demand for workers” (Colander, The Limitation of Supply/Demand Analysis, 2010). “If these effects do occur, and are important enough to affect the result, they have to be added for the analysis to be complete. A complete analysis always includes the relevant feedback effects” (Colander, The Limitation of Supply/Demand Analysis,
A result of tariffs on imported goods was that the exporting country would retaliate by imposing tariffs on imports. This would lead to a game of “one-upmanship”, with tariffs inching ever-higher, eventually leading to either a drastic reduction, or even cessation of trade. This choking of international trade eventually depressed world demand, and led to the Great Depression of the 1930s (Hill, 2009, p. 11). After World War II, the leading industrial nations decided to reduce or eliminate restrictions to free trade. One outcome of this effort was the General Agreement on Tariffs and Trades (GATT).
I. Unionization a. Unionization in its simplest form is the collaboration of a group of workers in a certain industry. b. Motivations for unionization — Personal job dissatisfaction usually leads to the need for Collective Bargaining  Collective bargaining includes: o Salary improvement o Retirement requirement and benefits o Better working conditions o Management misbehavior against employees o Effective conflict resolution — Belief that unionization will lead to concrete improvements as a result of Collective Bargaining II. Economists have two different views of the effect of unionization in the economy: First view is that unionization is good for the economy and the other view states the contrary. A According to the organizers of the American Worker Project, David Madland and Karla Walter, whose goal is to conduct research on the increase of wages, benefits, and security of American workers – “the essence of labor unions is to allow workers to reap the benefits of the economic growth they help create.” i.
Analytical Essay Overall wellbeing, an extravagant lifestyle, and wealth all come to mind when I ponder the good life but what does the good life actually cost? At first glance, this seems like a loaded question that requires multiple dissertations in order to answer. I even contemplated whether or not the good life had a cost at all. Breaking the good life into separate topics relieves much of the stress when it comes to giving an answer. In terms of consumerism, the good life is damaging to the environment, places too much emphasis on money, and it dwindles the importance of non-market values.
Protectionism endanger a consumer’s right to choose from a wide variety of goods and services. The defense argument is that it protects higher prices, lower quality goods, economic stagnation and among other things. It is a form of purism when it comes to the trade barriers being in place. It is defended that is in place because consumers to purchasing foreign made products will cause unemployment here in America. The theory is that jobs are lost when we are tempted by cheap foreign goods.