The Economic Impact of Increasing Minimum wage

The Economic Impact of Increasing Minimum wage

The Economic Impact of Increasing Minimum wage

The Economic Impact of Increasing Minimum wage:A wage is the fixed payment generally paid on weekly or daily basis given to an employee by an employer. Minimum wage is the minimal amount of remuneration an employer can legally pay employees on monthly, weekly, daily, or hourly basis.

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Minimum wage Impacts the economy positively though with some few negative effects has seen above. Setting of the minimum wage should consider the economic growth has opposed to only the standard of living for it to effectively achieve its purpose.

References
Hoffman, S. D and Trace, D. M. (2009). NJ and PA Once Again: What Happened to
Employment when the PA–NJ Minimum Wage Differential Disappeared?. Eastern Economic Journal

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