Minimum Wage Laws: The current federal minimum wage is $7.25. However, we have a wide variety...

Minimum Wage Laws: The current federal minimum wage is $7.25. However, we have a wide variety among laws enacted by the states across America. Take a look at this link https://www.dol.gov/whd/minwage/america.htm

It is one the largest unresolved debates in Economics. On the one hand, the minimum wage creates a surplus of labor and creates more unemployment (often for the most unskilled labor). On the other hand, it provides a minimum sustainable living wage to people who have no chance of seeing it otherwise.

Based on your reading/experiences, do you think we need minimum wage laws? If yes, what specific points would you like to see in there?

Expert Solution

Rahul Sunny answered 2 years ago

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