Essays on Work

Q1. Definition of Minimum Wage According to the Economic Theory Minimum wage is an economic principle specifying the least amount of remuneration that firms must provide to their workers in exchange for their labour over a given period of time (Abott, 2012). In most cases, the labour legislation is measured per...

Inverse Relationship between Inflation and Unemployment There exists an inverse relationship between inflation and unemployment in the short run. In economics, this relationship is referred to as Philip's curve. However, it is not a permanent tradeoff and ceases to exist in the long run. Policy makers have a tough choice to...

In the article, “Feeling the heat” from The Economist magazine, the author claims that the US government is driving the labor market to its absolute limits, which has attracted a considerable number of supporters and critics coming up with mixed opinions over this development. The author suggests that the American...

What are the four different types of market structures? i. Oligopoly ii. Monopolistic competition iii. Monopoly iv. Perfect...

The article, Saying Sayonara to the Farm: Hierarchical Bayesian Modeling of Farm Exits in Japan The article, Saying Sayonara to the Farm: Hierarchical Bayesian Modeling of Farm Exits in Japan, addresses the issue of farm exit due to off-farm opportunities of employment. Agriculture has been frustrated recently by the overwhelming rural-urban...

High wages for the restaurant employees will lead to a decrease in their demand. High wage will result in less demand of the restaurant workers. The restaurant will avoid employing many restaurant workers so as not to force them to forgo paying for other services that are more valuable t...

The Organisation for Economic Co-operation and Development (OECD) The organisation for economic co-operation and development (OECD) has the objective of making improvements in the social well-being and economic growth of people across all regions in the world. OECD partners with different government bodies to determine the best policies to implement in...

The Minimum Wage Debate in the United States The minimum wage debate seems to be taking grounds in the United States with rising concerns about the need to increase the current minimum wage. This comes after the president showed interest in improving the hourly wage in a bid to cater for...

Unemployment rates Unemployment rates refer to the percentage of individuals in the labor force that are unemployed but are seeking for employment or are willing to work. The metric varies from one country to the other depending on their economic situation. Inflation rate Inflation rate, on the other hand, is termed to as...

The majority of institutions recognize the benefits that workers derive from having time off from work. The organizations realize that the time they provide for their employee to be out of work promote strong workplace morale, higher, productivity, improve workers health and lead to higher employee retention.  Along with other...

Minimum wage refers to the price in which it is illegal to buy or sell labor. Minimum wage is normally set by governments and tend to be above the market wage. Under normal conditions, the price of wage will be set by an interaction between the supply of labor and...

The minimum wage has a direct impact on the cost of labor used by employers.  Raising the minimum wage is similar to increasing the prices of commodities, which leads to declining demand. In this regard, a higher minimum wage would raise the cost of labor and discourage employers from recruiting...