Calif. and N.Y. are getting a $15 minimum wage
The article reports US states decision to hike Minimum Wage. While some fear this hampers Allocative and Cost Efficiency of markets, others believe the Minimum Wage is not enough a safety net to counter Inflation and high cost of living in states like California.
Topics include Minimum Price, Labor Markets, Price Control and consequences of Price Control. Explain the unintended effects of Minimum Wage hike on increasing levels of Unemployment with Labor Market Surplus using the Price Control diagrams.
Evaluation will cover perspectives of workers, employers (producers), and government in short term and long term. The governments are responsible for addressing Income inequalities in the society balancing it with the Economic growth. Discuss how Market Intervention is a necessary step with its undesired side effects.