Classical economists argue that a government-imposed minimum wage can cause economic inefficiency, and that increasing the...

Classical economists argue that a government-imposed minimum wage can cause economic inefficiency, and that increasing the minimum wage can create more inefficiency. On the other hand, Governor Pritzer argues that increasing the minimum wages is economic justice. Do you agree with him? Explain

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Expert Solution

Rahul Sunny answered 2 months ago

Some economists and politicians argue that raising the minimum wage does a disservice to those it...

Some economists and politicians argue that raising the minimum wage does a disservice to those it tries to help. They claim that businesses will resist a higher minimum wage by laying off workers, moving their businesses offshore, or just closing down. Some sympathetic to the plight of the poor claim that society should deal with poverty in a different way, such as through private charities. Most opponents of a minimum wage claim that workers are free to seek better paying...

Some economists argue that the government intervention makes the economic outcome even worse. Some argue that...

Some economists argue that the government intervention makes the economic outcome even worse. Some argue that there are important economic roles of the government. What is your opinion? Does the government do good or bad? Briefly discuss.

Economists commonly teach that minimum wages cause some unemployment.The federal minimum wage is $7.25/hour, but roughly...

Economists commonly teach that minimum wages cause some unemployment.The federal minimum wage is $7.25/hour, but roughly 33% of states have higher state minimum wages. a. Why cant you test the "minimum wages cause unemployment" theory by simply comparing unemployment rates across states with different minimum wages? b. What would be a better way to test this hypothesis?

Can minimum Wage policy Cause unemployment or job losses?

How can small businesses thrive with minimum wage present and increasing?

Question: What are the economic costs and benefits associated with increasing the minimum wage to $15/hour....

Question: What are the economic costs and benefits associated with increasing the minimum wage to $15/hour. Consider any important non-economic factors in your arguments. Draft the memo from ONLY ONE of the following perspectives: You work as an economic analyst at a conservative think tank and your manager wants you to submit a memo to him opposing the increase in the federal minimum wage. He needs it to help him prep for his participation on Fox News later that week....

1) How does Minimum wage cause unemployment? A) Given that the effects of the minimum wage...

1) How does Minimum wage cause unemployment? A) Given that the effects of the minimum wage on employment differ based on the assumptions made about labor supply and demand (elastic vs. inelastic) and the structure of the labor market (perfectly competitive vs monopsonistic) how can economists then try to find the answer this question? B) Carefully explain what methods economists could use to explore this social issue. Evaluate the empirical evidence and data and write your own interpretive analysis. C)...

3. Former Presidential Candidate John Kerry suggested increasing the minimum wage to $7.00/hour. Economists have estimated...

3. Former Presidential Candidate John Kerry suggested increasing the minimum wage to $7.00/hour. Economists have estimated the demand and supply curves for low-skilled labor as: LD =100−4w LS =16w, where L is the number of low-skilled workers and w is the wage rate. 3a) What is the equilibrium wage and level of employment in the market? Provide a detailed diagram to support your answer. 3b) Calculate the producer surplus workers receive and the consumer surplus that employers receive. Label these...

Briefly contrast the classical economists view and the modern economists view about Economic Stabilization?

Milton Friedman argued, and new classical economists continue to argue (or presume) that changes in our...

Milton Friedman argued, and new classical economists continue to argue (or presume) that changes in our actual or current income do not any significant effect on our actual or current consumption spending, or that our MPC is essentially zero. What was Friedman’s argument? Why did he make this argument?

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