Question

Begin by locating a scholarly article regarding the effects of increases on minimum wages and discuss its findings. Does a minimum wage increase lead to reductions in employment, or is the overall effect on employment net positive? Do you agree or disagree with the results of the study? What do you think are other vital considerations that should be taken into account in the study? Discuss how conscious capitalism would approach a minimum wage increase. Provide examples to support your rationale.

Answer 1

Studies show that minimum wage increases do not significantly impact employment. Other important factors to consider include the effects on businesses, inflation, and industry/regional variations. Conscious capitalism emphasizes fair wages and employee well-being.

Step-by-step explanation:

Minimum wage increases do not have large employment effects, according to high-quality empirical studies. Some studies even show small increases in employment or no effect. It is suggested that minimum wage increases may be passed on as price increases, while others argue that higher minimum wages can increase demand and productivity.

Other vital considerations that should be taken into account in the study include the impact on businesses, the potential for inflation, and the variation of effects across different industries and regions.

Conscious capitalism would approach a minimum wage increase by considering the well-being of all stakeholders, including employees. For example, a company practicing conscious capitalism may voluntarily pay employees above the minimum wage to ensure a fair wage and promote employee satisfaction.