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boomer
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Topic Author
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Visitor
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18 Oct 2015 14:53 #275039
by boomer
Minimum wage is a price floor, and price floors are notorious for problems.
Quite simply a price floor is a policy that is instituted in order to protect the value of a good, however it only guarantees the price remains that low, it doesn't guarantee the good to be supplied. As the demand for labor increases, the supply will not grow as the market has no ability to adapt in the form of lower wages, causing inevitable unemployment, which leads to poverty and a host of other social problems.
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vegito12
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Visitor
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19 Oct 2015 01:48 #275090
by vegito12
I reckon that it is something that needs to improve as the wage that most countries have is real low, and it can lead people to turn to bad ways or poverty as it can lead to stress in the process. It is interesting to see how some countries have a wage which is barely enough to help someone survive in this world, as the cost of living goes up and the wage needs to be good to make someone happy. I think the governments need to do more as this can only improve if they do something about this in the future as it would benefit people.
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Forum
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Political Opinions, Commentaries on Current Issues
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The Water Cooler!
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The minimum wage should be removed.
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