Raising the National Minimum Wages

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Raising the National Minimum Wages

Table of Contents

Introduction
Presenting the Argument in Support of Wages Increase
Evaluating the Supporting Arguments Source
Presenting the Argument against the Elevation of Salaries
Evaluating the Opposing Arguments Source
Comparison of Arguments in Non-Scholarly and Scholarly Sources
Conclusion
References

Introduction

The notion of raising national minimum wages is an essential topic of discussion for the scientific community. Various scholars direct their attention to the significance of enhancing the payments for working individuals and examine the consequences of such practices. Nevertheless, there is still a significant debate regarding the consequences of instilling higher minimal salaries, which might range from improvements to the economic system to the negative impact on the employment rates and occupations. In this paper, the scholarly arguments in support of and against raising national minimum wages will be explored with a concern for the countrys economic state, and academic and non-academic references will be ascertained.

Presenting the Argument in Support of Wages Increase

As the issue of elevating minimal payments becomes more pertinent, more scholars focus their research on this topic, providing additional evidence in support of this measure. In the study by Harasztosi and Lindner (2019), the primary benefits of such enhancement, namely employment effects and increased labor costs, are evaluated in an experimental investigation. According to the authors, offering the employees a higher-paying occupation significantly improves the employment demand, presenting potential candidates with more beneficial positions. Furthermore, as the labor costs rise, the companies gain an opportunity to implement higher prices, resulting in higher total revenues and financial success. Creating more prominent employment possibilities and enhancing the enterprises output is remarkably advantageous for the nations economy. Therefore, the argument provided by the authors can be displayed in the standard form as follows:

Premise 1: Increasing national minimum wages establishes a higher occupation and workforce demand, presenting the corporations with additional labor supply.
Premise 2: Substantial supply of potential employees enhances the financial standing of multiple organizations, additionally allowing them to substitute missing labor with capital through elevated product and service costs.
Premise 3: Expanded labor demands and employment positions act as an improving factor for the economy, increasing the rate of economic achievements secured by the country.
Conclusion: Increased minimal salaries are a beneficial practice for the economy of the state.

Evaluating the Supporting Arguments Source

The article discussed appears to be highly credible and supportive of the premises, as it relies on multiple theoretical and practical investigations of the phenomena. The authors base their theoretical assumptions on well-recognized approaches, carefully exploring the subject in question prior to beginning the empirical research. Furthermore, the data used in the statistical analysis is exceptionally viable, obtained from a reputable academic source. Therefore, as the premises presented rely not only on this studys findings but also on relevant explorations from this area, it is possible to conclude that they are fully corroborated by academic data. As for the conclusion, it is based entirely on the facts and statements observed in the premises, further establishing its validity.

Nevertheless, there are some limitations to the article, which might potentially decrease the consistency of the investigation. A substantial restriction is the inclusion of only existing firms, which greatly simplifies the framework used. Moreover, as noted by the authors, the model created contains some imperfections which cause over-projections in revenue responses and under-projections in materials, further diminishing the credibility. In my opinion, it would also be beneficial for the argument to present a fourth premise, which uncovers the positive effects of increased wages on the economy more clearly. Although this assumption is supported by theoretical research, it would greatly benefit the strength of the reasoning.

Presenting the Argument against the Elevation of Salaries

A different approach to the subject is evident in another scholarly article, which considers the negative effects of increased wages on the economy. According to Meer and West (2016), the suggested improvement in employment rates and the positive impact on the corporations might be overestimated, as, in reality, such alterations appear to be slower and less efficient. The authors conduct unique research into the growth rates of numerous occupations, stating that the increase in job opportunities is less beneficial than portrayed by other scholars. Although there is, indeed, a positive trend in this area, which subsequently enhances the employees opportunities, this change is tremendously slow in relation to the desired outcomes. Instead of gaining the benefits of the additional workforce, the companies are forced to face the adverse ramifications of increased wages and the necessity to enhance their prices regardless of the consumers capabilities. Thus, the argument offered by the authors can be displayed in standard form as follows:

Premise 1: Increasing the national minimum salaries creates a discrepancy between the companys financial funds and the demand to fulfill the elevated expenses, compelling the employers to reduce the employment opportunities available.
Premise 2: The corporations encountered complications cause a lack of involvement in human resources management, decreasing the labor demand.
Premise 3: Elevated prices and considerable workforce costs detrimentally affect the economy of the state, hindering subsequent improvement.
Conclusion: Increased minimal wages adversely influence the financial state of the organizations, reducing the rate of economic achievements.

Evaluating the Opposing Arguments Source

The article described is an example of highly credible and consistent research, which relies on both previous and current trends in the subject of economics. The authors manifest substantial interest in the area of investigation, considering theoretical and practical contributions from various scholars and presenting their own reasoning according to the materials evaluated. Furthermore, prior to beginning the empirical part of the study, the authors conduct a thorough theoretical exploration of the economic simulations, creating a solid basis for their hypothesis (Meer & West, 2016). Additionally, each premise is based on relevant scholarly evidence, and the conclusion is supported by the premises of the argument, adhering to the notions of solid reasoning. Such preparedness and additional involvement in the topic can be regarded as a symbol of considerable expertise in this field.

Comparison of Arguments in Non-Scholarly and Scholarly Sources

The reasoning offered by non-scholarly materials is highly different from the argumentative approach adopted by scientific articles. For instance, the information from The Balance examines the advantages and disadvantages of raising the minimum wage (Amadeo, 2021). The article refers to some credible economic investigations, but the conclusions derived from the material are mostly oversimplified, altering the ideas behind objective studies. Even though some interesting insights can be gathered from the source, the knowledge presented appears to be strongly influenced by stereotypical material, diminishing the input of academic references. Therefore, the quality of the resource is inferior to the academic articles evaluated.

Conclusion

To conclude, the primary arguments from two scientific sources were described and examined in this paper, offering an insight into the topic of raising national minimum wages and its benefit to the economy. It is evident that both studies consider various consequences and effects related to the elevated minimal wages, covering a broad range of research. Although the arguments explore drastically different sides of the issue, acting in support of and against the elevation of minimal salaries, the evidence provided offers an excellent understanding of this complication. In my future research, I will use the knowledge gained during this assessment to distinguish valid and non-valid materials, avoiding investigations that resemble non-scholarly reasoning. Nonetheless, I will remember that even high-quality academic references can contain some limitations, which do not diminish the overall quality of the source.

References

Amadeo, K. (2021, March 29). 6 pros and 6 cons of raising the minimum wage. The Balance. Web.

Harasztosi, P., & Lindner, A. (2019). Who pays for the minimum wage? American Economic Review, 109(8), 26932727. Web.

Meer, J., & West, J. (2016). Effects of the minimum wage on employment dynamics. Journal of Human Resources, 51(2), 500-522. Web.