Seattle’s $15 minimum wage to cost jobs
The article reports the decrease in job hours after the Seattle’s hike of Minimum Wage to 15 $. While some report the decrease in number of available jobs , others have reported loss of working hours and decrease in monthly earnings. Many believe the move hampers Allocative and Cost Efficiency of markets and Minimum Wage is not enough a safety net to counter Inflation and high cost of living in city like Seattle.
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.