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Essay / Research Paper Abstract
An 11 page paper discussing the effect of minimum wage in terms of supply and demand. Attempting to equate a minimum wage with a living wage creates a no-win situation for everyone involved, particularly unskilled or inexperienced workers. Minimum wage needs to exist, but certainly should not be increased. Rather, the federal government needs to allow market forces to have more freedom to operate, leading to a form of prosperity undergirded by more than political rhetoric. Bibliography lists 8 sources.
Page Count:
11 pages (~225 words per page)
File: CC6_KSeconMinWgSupD.rtf
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Unformatted sample text from the term paper:
wage cannot repeal the law of supply and demand any more effectively than they can repeal the law of gravity. Joint Economic Committee, 1995 Introduction
Increasing the federal minimum wage sounds oh-so-noble, and it marks an enduring point of demarcation between political liberals and conservatives. Ted Kennedy (D-Mass.) said of even a
50? raise in the minimum hourly wage that it could ...make all the difference. It can help to buy groceries or pay the rent or defray the cost of
job-training courses at the local community college. The need is real. Raising the minimum wage can keep families out of soup kitchens and homeless shelters (U.S. Senate Rejects Minimum Wage
Bill, n.d.). Senator Kennedy is right on one count: the need is real. Raising the minimum wage, however, will do nothing
to meet that need. Indeed, it has the capability to exacerbate the problems that already exist. The purpose here is to explain why. Supply and Demand
The law of supply and demand holds that as supply increases, price decreases (Sosin, n.d.). This in turn should increase demand for the product,
which eventually will strain the supply side to increase prices again. The ultimate effect is to establish and maintain price, supply and demand equilibrium within a range of tolerance
of each. There are at least two caveats that apply to operation of supply and demand, however. One relates to whether the good or service being considered is
seen as being essential. If it is, then its behavior on the classic supply and demand curve will not conform to the standard view of supply and demand.
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