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Sample Essay on Micro and Macroeconomic Effects of Changing the Minimum Wage Rate

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Sample Essay on Micro and Macroeconomic Effects of Changing the Minimum Wage Rate
The minimum wage rate in the U.S has been rising steadily since 1983 from a wage rate of $ 0.25 to the current rate of $ 7.25 as tabulated by the Department of Labor of the United States under the Fair Labor Standards Act of 2009 (Flinn 23). However, this minimum wage rate has always faced sharp criticism from several individuals, including politicians who advocate for the minimum wage rate to be at $ 22. One of the propagators of the motion is Senator Elizabeth Warren while others have advised that before such policy is implemented, its effects need to be critically analyzed.
One of the factors against the increase of the minimum wage rate has been the increase in the cost of production (Flinn 25). The Senator argues that if the minimum wage rate was to be raised to $ 10.10 the price of an item that cost $7.19 will go up to $7.23. That is a few cents up. However, a quick study on data by the Employment Policies Institute, wages take up to 35% of the revenues earned by fast-food restaurants. Therefore, doubling of the minimum wage rate will increase the cost of production and this cost can only be pushed to the consumers through higher prices. As such, a price of an item that costs $3.99 will cost $5.27. This implies that the consumer suffers from the price increase rather than the producer.
A significant factor that is not addressed by the Democrats who advocate for the increase in the minimum wage rate is the effect that it would have on the labor market. An increase in the minimum wage rate would increase the production costs, which will thereby be reflected in increased prices of commodities. The demand of the commodity will decline as it is outlined in the law of demand (Flinn 16). The producers will therefore balance to maintain the current prices at the higher minimum wage rate or decrease the prices by reducing the cost of production. The most effective way of meeting demand will be to reduce production costs, thus, the owners of production will have to lay off workers (Flinn 18). This will lead to a further increase of the already high unemployment rate.
In conclusion, before a policy to increase the minimum wage rate is implemented, several factors need to look upon. This is based on the simple fact that the increase of the minimum wage rate has many negative effects on the economy as compared to the positive effects (Flinn 39).
 
 
 
Works Cited
Flinn, Christopher J. The minimum wage and labor market outcomes. Cambridge, Mass.: MIT Press, 2010. Print.
 
 

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