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Labour Market The National Minimum Wage is an example of regulation of the labour market. Some economists believe such regulation leads to increases in unemployment
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The National Minimum Wage is an example of regulation of the labour market. Some economists believe such regulation leads to increases in unemployment and inflation. Critically evaluate the evidence supporting this view and other that the National Minimum Wage increases employment.
The essay needs to be started with some of the economics opinions to have closer look at the professional point of view.
It is the first evidence that a series of inflation-busting rises since 2003 has undermined employers' ability to pay staff more than the minimum wage.
The commission said it was also seeing signs that recent rate increases had led to price inflation in some sectors for the first time.
… Chairman Paul Myners said the commission had previously been happy that the rate had not had any "significantly adverse impact" on profits, jobs or inflation. This year the picture was "more mixed".
"The bite of the minimum wage has increased and there's growing evidence of an impact on pay differentials," he said.
Telegraph By Richard Tyler
Last Updated: 1:20am GMT 08/03/2007
"Unemployment has risen to its highest level since 2002 … Economics text books will tell you that raising the price of a good, in this case labour, will increase supply but choke off demand. The existence of unemployment, and the fact that it's rising, shows that labour is too expensive. There's a fair amount of it about that isn't being used.
The reasons for unemployment are complex but the price of labour is a key. Personally, I don't agree with those people who have consistently argued, since its introduction in April 1999 at £3.60 an hour, that the measure risks being a root cause of heavy unemployment. There were grave predictions of 2 million out of work as a result of the measure. That hasn't happened, especially while the minimum wage was still well below the market price for unskilled labour.
But the aim...
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