Raising the minimum wage

Pros

 Everyone wants money. If those making the least can make more, poverty will decrease.
 Politicians are for higher minimum wage because it appeals to the people.
 It can help reduce the inequality of income in the US by increasing wages of the lowest earners.
It could move many above the poverty line.

Cons

 The same money could be allocated towards education and job training rather than the pay
itself. This could be a more long term solution
 The people earning minimum wage are a diverse group. Not all of them are those facing
poverty. Many of them are teenagers working their first jobs. Some of them are senior citizens
looking to be productive with their time by at a minimum wage job.
 It is too simple of a fix. It seems like the obvious solution, but the effects of an increase in
minimum wage are more than meets the eye.
 Raising the minimum wage could cause people to lose jobs. More pay for the same amount of
jobs would simply mean less money for potential employers.

Why do economists disagree?

 Scientific judgments
o Economics is not an exact science.
o There are two main schools of thought: Keynesian economics and laissez-faire
economics.’
o Keynesian economists believe in the involvement and intervention of government in the
economy, including subsidies and bail-outs.
o Laissez faire is also called free market economics. Government should take a backseat
role in economics. The economy can self-regulate.
 Differences in values
o Economists differ in the metrics they value to predict economic change. For example,
some economists may value GDP and inflation rate, while some may be more concerned
with employment numbers, US dollar conversion rates or national debt. None of these
metrics are inherently bad or good, but they do make a difference in the predictions an
economist makes based on which measure he values.
 Perceptions vs reality
o Some economists base their studies on what could happen hypothetically, while others
are more concerned strictly with what occurs in reality. Both have their place. Some
might be more concerned with trends and predictions, while others may only use
concrete evidence to back their claims.

Sources in APA format

Crump, R. (n.d.). Why do economists disagree? Retrieved from
https://www.weforum.org/agenda/2016/01/why-do-economists-disagree.

Davis, M. (2019, November 18). Why Can't Economists Agree? Retrieved from
https://www.investopedia.com/articles/economics/09/why-economists-do-not-agree.asp.

Dunkelberg, W. (2013, February 13). Why Raising The Minimum Wage Kills Jobs. Retrieved from
https://www.forbes.com/sites/williamdunkelberg/2012/12/31/why-raising-the-minimum-wage-kills-
jobs/#65f32f741b6e.

Huppke, R. (2018, September 9). In minimum wage debate, both sides make valid points. Retrieved from
https://www.chicagotribune.com/business/ct-xpm-2014-03-17-ct-biz-0317-work-advice-huppke-
20140317-story.html.

How to do in-text citation for APA

According to Crump….

According to Davis (2019)…

Dunkelberg (2013) explains…

Economics is hard to learn (Huppke, 2018).