Impact of Minimum Wage on Employment

Topic: Minimum wage impact on employment ( that the topic and it’s for my economics class)

a research project that use practical application of basic statistics or rudimentary econometrics to test some hypothesis.Doing a research paper is the best way to learn about a particular public sector issue that interests you. You will do a rigorous literature review, as well as apply statistics, and/or econometric techniques to gather evidence about your topic of interest. Research work must be done carefully, and methodically, and takes organizational skills, so it must be spread out through the course of the semester. Also using the big five to write about this paper and this paper is about 7-9 pages not including reference page

Answer preview

Improving the standards of living for low-income families is a major concern within policy frameworks. Raising the minimum wage is one method through which low-income families can increase their income levels. In other words, minimum wages help low-income families to have a good living standard. For instance, in the US, the Fair Labour Standard Act of 1938, since 1991, outlined wages of not less than $7.25 per hour with a tipped minimum of $2.13 per hour. According to Cooper (2019, July 17), the US Congress is working on a proposal for a minimum wage of $ 15 per hour to improve the lives of more than 33 million workers. Specifically, the policy would enhance an increase in the annual earning of a worker by $2800 and total annual wages by $92.5 billion. The increase in the minimum-wages is to occur in phases. By 2019, it will increase to $8.40 from $7.25 and the tipped minimum to $ 3.55 from $2.13. The Wage Act of 2019 demonstrates a commitment by policymakers to improve living standards for low-income families.

Economists, on the other hand,…

 

(2300 words)