Discuss the pros and cons of market pricing versus regulated wages from an economist’s point of view.

Minimum Wage

Right now there is a lot of discussion of raising the minimum wage, perhaps to $10.10 per hour or to $12 or $15 or to some other amount. Discuss the pros and cons of market pricing versus regulated wages from an economist’s point of view. Be sure to include in your analysis the concepts of moving along versus shifting of the supply and demand curves. Defend the best labor market approach–should the minimum wage be raised or not?

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