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In a recent lecture, Prof Quax stated, raising the minimum wage reduces overall worker welfare. Do...

In a recent lecture, Prof Quax stated, raising the minimum wage reduces overall worker welfare. Do you agree?

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Answer - I do not agree with the given statement of Prof Quax that raising the minimum wages reduces overall worker welfare.

This is because if the minimum wages are raised, this will mean that now the workers will get more wages than earlier wages. This will increase the worker welfare by improving their standard of living. The increased wages will enable them to increase their consumption of goods and services , provide education to there children , afford better health services. Hence the welfare will increase as a result of the raised minimum wages.

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