Horvath- Source D by Andras Horvath https://padlet.com/ahorvath19/to4jv4v87yu en-us 2017-04-09 23:59:30 UTC 2017-04-10 16:37:21 UTC hello@padlet.com How Minimum Wage Laws Increase Poverty ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583791 http://ic.galegroup.com/ic/ovic/ViewpointsDetailsPage/ViewpointsDetailsWindow?disableHighlighting=false&displayGroupName=Viewpoints&currPage=&scanId=&query=&source=&prodId=OVIC&search_within_results=&p=OVIC&mode=view&catId=&u=j243905&limiter=&display-query=&displayGroups=&contentModules=&action=e&sortBy=&documentId=GALE%7CEJ3010960215&windowstate=normal&activityType=&failOverType=&commentary=

]]> 2017-04-10 00:01:11 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583791 1 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583842 Quote: "The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the quantities of goods and services demanded and the number of workers employed in producing them."]]> 2017-04-10 00:02:11 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583842 2 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583843 Quote: "higher wages will come at the expense of reduced expenditures for labor and capital goods elsewhere in the economic system, which must result in more unemployment."]]> 2017-04-10 00:02:13 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583843 3 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583845 Quote: "This is because, on the one hand, the resulting overall unemployment is greater, while, on the other hand, the protection a lower wage provides against competition from higher-paid workers is more and more eroded. [...] The further effect could be that there will simply no longer be room in the economic system for the employment of minimally educated, low-skilled people."]]> 2017-04-10 00:02:15 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583845 4 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583848 Paraphrase: Though it is true that the people who get to keep their jobs will enjoy benefits, the others that are unemployed will not even see a glimpse of it, even though they are willing to work for less. ]]> 2017-04-10 00:02:16 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583848 5 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583849 Paraphrase: Increases in minimum wage directly creates more unemployment, and therefore the government will have to spend more money on welfare, often achieved through raising taxes or a larger budget deficit.]]> 2017-04-10 00:02:17 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583849 6 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583851 Paraphrase: The lesson to be learnt is the country needs more economic freedom instead of government intervention as a way to help everyone's' economic situation, especially that of the poor.]]> 2017-04-10 00:02:20 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583851 7 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583855 Summary: "While it enriches those poor people who are given the status of government-protected monopolists, it impoverishes the rest of the economic system to a greater degree. It does this through the combination both of taking away an amount of wealth equal to the monopolists' gains, and of causing overall production to be less by an amount corresponding to the additional unemployment it creates. The rise in prices and taxes that results from raising the minimum wage both diminishes the gains of the monopolists and serves to create new and additional poor people, while worsening the poverty of those who become unemployed."]]> 2017-04-10 00:02:23 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583855 8 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583858 Summary: "The standard of living is not raised by arbitrary laws and decrees imposing higher wage rates, but by the rise in the productivity of labor, which increases the supply of goods relative to the supply of labor and thus reduces prices relative to wage rates, and thereby allows prices to rise by less than wages when the quantity of money and volume of spending in the economic system increase.
If raising the standard of living of the average worker is your and the President's goal, you should abandon your efforts to raise the minimum wage. Instead, you should strive to eliminate all government policies that restrain the rise in the productivity of labor and thus in the buying power of wages."
]]> 2017-04-10 00:02:25 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583858 9 ahorvath19 https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583862 Summary: "If your goal is to raise the wages specifically of the lowest-paid workers, you should strive to eliminate everything that limits employment in the better-paid occupations, most notably the forcible imposition of union pay scales, which operate as minimum wages for skilled and semi-skilled workers. In causing unemployment higher up the economic ladder, union scales serve to artificially increase the number of workers who must compete lower down on the economic ladder, including at the very bottom, where wages are lowest. To the extent that occupations higher up could absorb more labor, competitive pressure at the bottom would be reduced and wages there could rise as a result."]]> 2017-04-10 00:02:27 UTC https://padlet.com/ahorvath19/to4jv4v87yu/wish/165583862