What are the advantages and disadvantages of the minimum wage?

worldwide economists and politicians are constantly discussing the advantages and disadvantages of the minimum wage. Among the many arguments leaders express concerns about the encouragement of outsourcing, ensuring that workers can live, keep market prices low, interfere with natural supply and demand and the ability to gain experience. Each of the problems presented has different impacts on the global economy, the gross domestic product of individual countries and the growth of regional jobs. Workers have to earn enough to support themselves and their families, he says. If businesses and corporations remain uncontrolled, they can use unskilled workers, young or migrating workers and immigrants. These workers usually have enough skills to qualify for minimum wage positions and leave them vulnerable to businesses that earn a lack of government regulation.

The minimum wage opponents usually point to the potential disadvantage of outsourcing work on lower paid countries, withTatrus growth of jobs based on supply and demand, new workers and wage impact on prices. According to opponents, countries with high minimum wages cannot compete with other nations for the price due to increased production costs. As such, these countries often enter low -paid work into other countries with lower wage standards, while jobs and tax revenues from the local economy.

Theory of advantages and disadvantages of minimum wage in connection with supply and demand explains virtues that allow the demand and interest of workers to determine wages. If the company offered exceptionally high wages, the number of people competing for this work is increasing, while interest often reduces lower wages. The same principle means young or otherwise necessary opponents of minimum wages, workers have the ability to gain experience at a lower level of wages without much concern over experience. Companies benefit by hiringA more workers at lower wages, increasing production and quality of services without raising prices and at the same time provide new workers with valuable work experience.

Every generation debates these advantages and disadvantages and uses slightly different examples and contemporary economic concerns. Problems become more or less concerns and the resulting debates gain proportional media attention based on overall economic health for each generation. When economic conditions are tense, debates usually gain more attention, with less attention gained during strong economic conditions. Although specific examples are changing, the main arguments remain constant throughout the time and generations.