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Economics - Financial Markets 14 Online
OpenStudy (anonymous):

Write a persuasive answer to the question: Should the minimum wage be raised? I am on the side that minimum wage SHOULD be increased! But I don't know how to prove it. Please help!

OpenStudy (anonymous):

It depends - what are you looking at? I can't get into details since I'm not well versed with the US economy, but here is your fundamental problem. If you increase the minimum wage, you are making markets less efficient. That is an economic fact. Unemployment levels will increase, since the presence of a minimum wage does lead to people who are not "worth" the minimum wage aren't employed. However, there is a human element that you can focus on, which is the fact that we as a people, want all citizens to have a basic living that they can then build on. For example, focus on finding out what you can buy with a minimum wage. How much would a person earning minimum wage spend, say, per month? Then, get into the ethics of the issue. What do you classify as "necessities"? What if the earner has a family to support? The key point you need to prove is this: is the loss of employment "worth" the rise in lifestyle for other workers? Now that is a question that is subjective, and it depends on your personal view.

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