Is there a need for a minimum wage?

Seminar Paper , 2017 , 23 Pages , Grade: 1

Economics - Job market economics

Is there a need for establishing a minimum wage? Is it true that such development often hurts the group of workers who are supposed to be benefiting from the establishment of such wage standards? To establish the same vocabulary, we will first define “minimum wage”, and will make a clear separation to “living wage”, since these two terms are often confused. After this we will proceed with the description of our research question what will lead us to the theoretical background and our empirical analysis.

TABLE OF CONTENTS

1. Introduction
1.1. The concept of minimum wage and living wage
1.2. Research question

2. Theoretical background of minimum wage
2.1. Labor demand and supply model
2.2. Elasticity and inelasticity of labor demand and labor supply

3. Empirical analysis
3.1. Introduction of a minimum wage in Germany
3.2. Introduction of a minimum wage in the UK

4. Policy implications

5. Summary

Bibliography

• College: University Lutheran Church (Business Administration)
• Course: Global Economy
• Grade: 1
• Authors: Wolfgang Steinhart (Author), Isolde Fastner (Author), Jürgen Gruber (Author), Patrick Peißl (Author)
• Publication Year: 2017
• Pages: 23
• Catalog Number: V369046
• ISBN (eBook): 9783668497405
• ISBN (Book): 9783668497412
• Language: English
• Tags: Minimum wage, macroeconomics, living wage