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The known evidence on the demand and supply sides of the labor market indicates that a $15 minimum wage will drive some hired personnel out of the market as well as further harm many small businesses that are already in trouble (Mankiw, 2020). The proposed increase will indeed benefit workers by raising their overall living standards by granting minimum wage employees a more appropriate pay level to contend with cost-of-living increases and the supply side of the labor market will have benefited tremendously as a result. The majority of individuals negatively impacted by rises in the minimum wage are less qualified employees as a result of many highly qualified professionals obtaining low pay jobs that would often go to youthful or otherwise inexperience workers. This might make it more challenging for newer, less qualified applicants to find employment and acquire the skills they need to propel their careers forward.
The high cost of acquiring a new worker may require a business to significantly raise its prices in order to offset the higher costs. Additionally, labor shortages brought on by employee turnover may cause a decrease in production, manufacturing, and overall product supply, raising the cost of the product more and more. After a wage increase, business must increase the prices they charge for the products and services they offer in order to retain profits. Overall, raising the minimum wage is regarded to enhance work ethic and elevate individuals from poverty, but it also contains a number of potential drawbacks, like rise in unemployment, prices hiking and can lead to adverse impacts on the economy and therefore in my opinion, this proposal is not a desirable option.
To sum up, the concept of a fair wage is an essential concept to take into account, and when minimum wages are increased, the fair wage which is above the minimum pay but below the living wage will be greatly impacted highlighting its relevance to the minimum wage topic. The living wage is a concept that is also crucial to the minimum wage increase because it defines the minimum working earnings required to satisfy basic needs while also retaining financial stability.
Reference
Mankiw, G. N. (2020). Principles of economic (9th ed.). Cengage.
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