What Do Fishermen Tell Us That Taxi Drivers Don T? An Empirical Investigation Of Labor Supply Essay

“Despite huge advancements in technology and productivity, millions of Americans are working longer hours for lower wages. The real median income of male workers is $783 less than it was 42 years ago; while the real median income of female workers is over $1,300 less than it was in 2007. That is unacceptable and that has got to change.”

The author explains, “We can replace the word “labor” with “lemons.” “The simplest and most basic theory of economics says that artificially raising the price of lemons will cause an increase in the quantity supplied and a decrease in the quantity demanded” (Hovenga, Naik, and Block). The author uses a basic economic rule to draw a parallel between the minimum wage and the increase in unemployment caused by a surplus of unskilled workers, who he points out are disproportionately minorities. The point is that business cannot afford as much unskilled labor when their price is increased far more than their productivity level.

Labor is an important service that must be available and balanced in an ever growing population. For example, there cannot be a larger number of residents than there is labor or else there will be a definite increase in poverty. In the United States, there is a set law of minimum wage, which has an effect on companies and how they manage their labor force. The increase of the minimum wages affects the overall distribution of hours available, therefore, hurting the amount of labor needed. Conversely, minimum wage also has a major effect on those who recetly entered the workforce. If the minimum wage rises, there will be an increase of the unemployment rate. Correspondley, as the unemployed suffer, the first to be affected will be incoming laborers who are looking for jobs and work experience which is essential for their future. However, the upside of increasing minimum wage is that for those employed who keep their jobs they will earn more income which may increase the

Before discussing the potential implications of raising the federal minimum wage, it is important to understand why such action is necessary. By historical standards, the current federal minimum wage of $7.25 is fairly low (Weissmann 1). Adjusted for inflation, the minimum wage today is over three dollars less than when its real value peaked in 1968 (ibid). Although many state and local governments have passed laws setting the minimum wage above that of the federal level, the majority of states have not, despite rising levels of GDP, productivity and cost of living. Since 1968, the average American, at all levels of income and in almost all occupations, has worked 163 more hours per year, the equivalent of a month (Schor 26). Additionally, worker productivity has doubled since that time, as indicated by Real GDP per hour worked in the United States (“Real GDP”). So although the average worker is twice as productive now as he was in 1968, his real wage earned is

Aaronson, Daniel, Eric French, and James MacDonald (2008), "The Minimum Wage, Restaurant Prices, and Labor Market Structure", Journal of Human Resources 43(3), 688-720.

This paper examines several articles about the minimum wage in the United States (U.S.) for any gaps that may have gone unnoticed. In research, there will always be questions that a reader may want to understand or have clarified. The questions in research are those that a researcher deem necessary for a particular topic in order to complete a study. Of course, some questions within a study may be one sided, due to the researcher’s knowledge of the topic or the questions results from a previous study that was unanswered. Often times, a research may not have all the questions at that particular time, which leaves room for future studies. This paper evaluates several articles that may fall into this category. The first section review articles

Ever since the earliest implication of a minimum wage, indications of job losses have been occurring. “Minimum wage increases recently imposed in American Samoa resulted in economic effects so pronounced that President Obama signed into law a bill postponing them” (CATO, 1). In 2006, over one hundred minimum wage studies were conducted by David Neumark and William Wascher discovered that an increase in minimum wage resulted in negative effects

A collection of five samples was made at this site (Table 1). The first sample collection captured 12 Ringed Crayfish with 0 recaptures and 0 that were previously marked. The second sample collection captured 7 Ringed Crayfish with 0 recaptures and 12 previously marked. The third sample collection captured 13 Ringed Crayfish with 0 recaptures and 19 previously marked. The fourth sample collection captured 4 Ringed Crayfish with 1 recapture and 32 previously marked. The fifth sample collection captured 11 Ringed Crayfish with 1 recapture and 35 previously marked. The total number of Ringed Crayfish caught is 47 crayfish with a population estimation (N) of approximately 422 crayfish where N=Σ (CixMi)/ Σ Ri. The total confidence interval of the estimated population (95%CI) is a range from 354.1 to 521.9 for the mark-recapture

As the population on earth increases ,overfishing has become a growing issue in all parts of the world. Fish is a vital food source for many, in the world and counts for many of the cultures and heritages in the world, which means there is a high demand for it . This high demand has caused overfishing to occur. This is a cause for concern since due to the development of better technology, there is a higher risk of overfishing if not managed properly. Canada in particular has been facing the problem overfishing for years now. Due to Canada’s issue of overfishing, the environment and wildlife as well as human settlements all have negative impacts ,therefore a sustainable solution must be implemented. If action isn’t taken, Canada’s issue of overfishing will continue to worsen.

Cetacean bycatch in fishing industries has been a highly debated topic for decades and is still considered an ongoing problem(NOAA 8). However, when it is looked at in comparison, the problem of bycatch has already been solved as much as is possible while still allowing fishing industries to fish at all. Bycatch is defined as any marine life that is caught and returned to the sea, whether it is dead or alive(Brooke 2). Therefore, many marine animals that are considered bycatch are not harmed in any way. Including these animals, the national bycatch ratio is still low(Brooke 3). Many actions have already been taken since this has become an issue that has reduced bycatch by an incredibly large amount. In many areas, the amount of bycatch compared to the amount of fish that the fisheries in that area take in is only a small fraction(Brooke 3). There will always be bycatch in fishing, even if a single fisherman is fishing with a single

However, the minimum wage hikes are sold to the low-skilled workers, the studies show the hikes can equate to job loss or hours substantially reduced. Further, compounding income disparity or causing income losses and increased poverty. The net loss, the families of the low-skilled worker are not better off and in many cases, such as single mothers, worse off. (Sabia & Burkhauser, 2010 p 5) Providing a slightly more positive view but statistically insignificant, some low-skilled workers who remain employed tend to move toward the high side of the poverty level but not out (Neumark & Wascher, 2002).

In 2013 changes in child benefits came into effect in the UK. In particular, child benefit was gradually withdrawn from individuals earning over £50,000 a year and completely withdrawn for individuals earning more than £60,000 a year. Investigate, using the standard labour supply model, how this change in benefits will affect labour supply decisions for a single mother with two children who is able to find work at £30/hour. Assume that she would opt-out of maximum working time regulation in case this becomes relevant. Finally, the measure of income used in the actual calculation is “adjusted net income”, which is equal to gross income minus pension contributions and several other things. For this essay assume that

Motivation for the Research: In recent years, globalization and international trade has become a significant issue for countries. Consumers tend to use more goods and services and due to the lack of resources, the need to trade with other countries seems to be inevitable. Assuming that globalization would occur, labor factors become noteworthy. Although growth in international trade provide more job opportunities for people, there are still inequality in wage between male and female labors.

Figure 1 represents a classic supply and demand curve for female labor before WWII and during WWII. The vertical axis represents the wage rate for female labor and the horizontal axis represents the quantity of female labor. An expensive wage rate with a low demand for female labor is located in the top left corner of the demand curve. A low wage rate with a high demand sits in the bottom right corner. All the wages between the top left corner and the bottom right corner connect, making a downward sloping curve. The classic supply curve is upward sloping because it explains the positive relationship between the supply of female labor and the wage rate. The supply curve begins in the bottom left corner, representing a low wage rate and a low supply of female labor. High wage rates and high

In this paper, we will be critiquing a research that was performed by Krueger D. Card. We will critically evaluate the researcher’s work by indentifying strengths, weaknesses, areas to improve, and possible extensions of the research. Other areas that will be discussed are research methods used, why the author selected the methods, what other methods could have been used, and why the other methods would have been applicable. The research that we will be reviewing is “Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania.”