Firstly, I Would Like To Talk About How This Topic Relates

1092 WordsApr 26, 20175 Pages
Firstly, I would like to talk about how this topic relates to me as an individual. I feel that it is very crucial that the government sets these wage policies because obviously without them we would have firms and business who would treat employees wrongly. Although some may say the minimum wage restriction is too low I however feel that it is reasonable from a college student’s perspective. To me the reason I am in college is so I don’t have to live paycheck to paycheck by means of minimum wage. My plan is to one day own my own company where I will be the one paying employees to work for me. In my eyes, it is smart that the government has the power from policies to restrict firms from wrongful actions against employees. According to an…show more content…
In other words, a rise in minimum wage will only benefit a small portion of citizens while it will negatively impact society as a whole. Firms will hire low productivity works knowing they are lacking of the higher skills that would deserve higher pay. So, increasing the price of wage for low quality workers simply does not make sense in my eyes. When looking at the wage rate of EMT workers they would make generally about the same as a worker at McDonalds. I do not feel low skilled workers should get a pay raise just so they can support themselves. Life is not about getting handouts to get by. We live in a eat or get eaten type world. That is why wage policies are so crucial because they effect both the workers and firms. Government policies both serve and protect in a market. According to Investopedia “Each company rationally makes the decision against hiring low-productivity workers. Instead, it may require other workers to do overtime, put in new technology to do the job of the low-wage employee or simply reduce services.” (Investopedia) This quote explains perfectly why raising all minimum wage would not be fair because some people worked really hard in life to obtain the skills they received. Now onto the topic of the effects of the wage policy on elasticity within a market. I read a very interesting article that was written by a man named Jonathan Malesick. He argued that if minimum wage was increased the level of unemployment would decrease. I had never thought
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