do you think that minimum wage laws affect overall poverty? Explain.
Ans) Minimum wage ensure social security for workers. In absence of minimum wage, employers can exploit the workers and workers might get very low wage and be forced to live in poverty. A minimum wage ensure that workers get a fair wage for their labour. It helps to pull the workers out of the poverty by ensuring minimum income.
However, there is also the probability that due to minimum wage, employers now employ less workers, keeping other workers from being employed. It will lead to increase in unemployment and more people will be in poverty.
So, minimum wage affect poverty in both positive and negative way. Now which effect will be more, depends upon the level of minimum wage. If minimum wage is too high, it will lead to more poverty due to more unemployment and if minimum wage is just right, it will help poor to come out of the poverty.
do you think that minimum wage laws affect overall poverty? Explain.
Do the minimum wage laws affect overall poverty?
“Where most economists agree is that the higher minimum wage does not do much to relieve poverty.” The Economist This agreement among economists is best supported by the fact that: Unemployment rates for teenage women are lower than those for teenage men. Minimum wage increases are usually matched by increases in the EITC (Earned Income Tax Credit). Minimum wages do not affect labor markets when the economy is growing. Minimum wage laws by their design cannot distinguish between rich and...
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