The United States has a minimum wage law. Moreover, many states have their own laws regarding...

The United States has a minimum wage law. Moreover, many states have their own laws regarding the minimum wage that workers must receive. Please see the U.S. Department of Labor's Webpage at: U.S. Department of Labor for a map and enumeration of the laws.

With this in background, please critically discuss whether there should be any minimum wage law. If not, why not? If there should be such a law, what standards should be used to establish that the minimum wage is a fair and equitable wage?

Expert Solution

Yes, minimum wage law is necessarily required in states of the USA to get an assurance of earning a secured amount after the application of effort and performance. The purpose of the minimum wage law is to restrict employers from exploiting the workers. Importance of minimum wage law in all the states of the USA are as follows:

• It can increase the productivity of workers

• It can reduce the wage-related inequality from workplaces

• A minimum wage spurs economic growth

• It is a significant opportunity for workers to save money for the future after covering the cost of living

Qualification and experience, according to the designation, should be used as a primary standard for minimum wage. Moreover, the standard for minimum wage should be the same for all the irrespective of their background. Employees. The minimum wage should be provided to the employees who can fulfill the necessary qualification and experience requirements of the organization to maintain a fair and equitable wage.

keosha answered 2 years ago

Compare the effects of the minimum wage in states with minimum wage laws significantly different from...

Compare the effects of the minimum wage in states with minimum wage laws significantly different from the national minimum wage.

In 2012, many unskilled workers in the United States earned the federal minimum wage of $7.25...

In 2012, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2012 were about $28.00 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $140.00 or more per hour. Instructions: In parts a, c, and d, round your answers to 2 decimal places. In part b, enter your answers as whole numbers . a. If we assume that wage differences are caused solely by...

In 2018, many unskilled workers in the United States earned the federal minimum wage of $7.25...

In 2018, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2018 were about $27 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $100 or more per hour. Instructions: In part a, round your answers to 2 decimal places. For all other parts, enter your answers as a whole number unless otherwise indicated. a. If we assume that wage differences are caused solely...

In 2015, many unskilled workers in the United States earned thefederal minimum wage of $7.25...

In 2015, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2015 were about $27.00 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $135.00 or more per hour.a. If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the federal minimum wage? How many times more...

In the social discussion of minimum wage labeling in the United States, many commentators regard Costco...

In the social discussion of minimum wage labeling in the United States, many commentators regard Costco as an example of how high wages can make companies more successful, and often take Costco's competitors such as Walmart and target as counterexamples, believing that these examples are not enough to provide employees with corresponding benefits. Other commentators think Costco's model is difficult to apply to different types of enterprises, and they think that salary is only one of the many factors to...

Why the united States should not make $15.00 the minimum wage?

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...

Which of the following statements regarding monetization is false? a. Laws in the United States do...

Which of the following statements regarding monetization is false? a. Laws in the United States do not allow the government to borrow borrowing directly from the central bank. b. The amount of income the government derives from monetization is measured by the resulting increase in the monetary base. c. In current times, issuing new money means literally printing new paper money to hand out to civil servants, contractors, and creditors. d. If used without limit, monetization provides absolute protection against...

For this Discussion, you will research the minimum wage laws. Your response must include a discussion of both the advantages and disadvantages of minimum wage laws.

For this Discussion, you will research the minimum wage laws. Your response must include a discussion of both the advantages and disadvantages of minimum wage laws.For example, you might consider these differing perspectives as you approach your research:Perspective One: The U.S. Department of Labor has imposed a minimum wage since 1938. Most states mandate minimum hourly wage rates, too. Minimum wage legislation inhibits an employer from setting wage rates below the directed amount. Although the goal is to help workers,...

The federal minimum wage in the United States is currently $7.50 per hour. Joe Biden, the...

The federal minimum wage in the United States is currently $7.50 per hour. Joe Biden, the Democratic candidate for President, proposes to increase it to $15. Based on your knowledge of the elasticity of labour demand for low-wage workers, how would you expect Biden’s plan to affect: a. Employment of low-wage workers. Be precise. b. Earnings of low wage workers. Be precise. c. Prices of goods produced with low-wage labour. Explain and illustrate. d. Summarize the effects of this tax...

Question