• Introduction: Good intention may have both consequences depending on how it guided whether by error or correct decision. The best example is the minimum wage regulation which means to raise the wages to improve living conditions but actually influence many to economy. Minimum wage is the lowest hourly, daily wage of an employee. Many economists have different ideas of an in crease in minimum wage, the matter in the views on disadvantages and advantages being disputed by many advocates. The advantages from higher minimum wage can have a positive effect on the whole economy flows, while the disadvantages have some negative effects on employment rates.
Minimum wage is defined as the minimum amount employer need to pay and this amount is set by the government through legislation. If there is no minimum wage, the keen competition between workers for limited jobs would cause wage to fall until it reach the equilibrium wage, so minimum wage is set to prevent wages from falling and remain in acceptable level. Most labour markets in the developed country is affected by minimum wage, it has a large potential impact towards the economy. Hence, it is important to understand the economics effect of minimum wage to the economy. In demand and supply curve, the intersection point of demand and supply curve is the market equilibrium, where the equilibrium supply is equal to the equilibrium demand.
These are the pros but there are also cons for raising the minimum wage. Raising minimum wage hurts small businesses. These businesses are in competitive markets and may not be able to afford the wage hike. Hours may have to be cut from employees or maybe even lay offs. Because of this employers may outsource their work to other people who will be more than happy to work for lower wages.
The rate of unemployment will grow which means fewer hands to work and not proper development of any branches of industry. Moreover, a long separation between family members can weak family ties. Currently, we can hear about a lot of cases when a person immigrated to the West and did not want to come back to homeland. The number of families who where left on its own is growing constantly and their economic situation is getting worse dramatically. To sum up, I am of the opinion that there should be taken some steps for stopping the wave of Poles going abroad.
He should have consulted with a financial adviser or an independent academic expert first. He also should have directly taken into account what the workers thought, because they were the ones most affected by the plant, as it was their source of income. The workers had a first hand account of everything happening at the plants, while Roger Smith and the other high ranking workers couldn’t fully grasp what was happening at the plants. Smith could have changed his tactics by decreasing some jobs at the plants rather than shutting them down completely. Had this happened, the company would have experienced a marginal profit increase because they would have fewer workers to pay.
The government may think its “value for money”, in my views this is no excuse to not only double the fees but to treble them! Students will be left in massive debt, and will have the debt on their shoulders until they pay it off. More working class students will lose the opportunity to increase their potential. This may lead them to go down the wrong path, possibly even end up on the streets. The government is always thinking up ways in which street crime can decrease, this is far from the resolution.
However, they just continue to come back to the United States. Deporting the illegal immigrants is not an effective way to handle this problem. Another idea to decrease illegal immigration is to increase the amount of border control workers. While this can stop many illegal immigrants and Rigby 3 create more jobs for United States citizens it will just barely put a dent in the amount that still enters the United States every year. A solution to this ever growing problem would to be for the United States to begin charging the countries in which illegal immigrants are coming to the United States from.
Supporters argue that it is unfair that people can work hard, and put in a 40 hour work week, but still not make enough to support their families. Critics of the wage increase say that raising minimum wage would force employers to fire employees, lower their hours, or used automated machines rather than human workers. Some critics also contend that the jobs that pay minimum wage do not require skill, are for uneducated workers, and are not meant to support a
Many people say to combine classes to cut teachers, but then your leading to overcrowded classes, and the students won’t have the one on one that some need to have an education that is successful. Education in America is needed for the future. This generation of students is the next generation for leading the country. Begging the government repeatedly for money isn’t the answer to help the education system problem. The government has its own problem to deal with, and that is to get this country out of debt.
Many times we often find ourselves at a job that we don’t like simply because that is what pays the bills. Extrinsic factors are important to consider when looking for a career. Now days everyone seems to be over worked and under paid. If the pay compensation was a rate higher then everyone wouldn’t mind the chaos. I believe money can’t buy you happiness, so if you are at a job were you are not happy eventually it will start to affect your work ethics.