The effects of increases on minimum wages

I agree with the results of this study, as I think it provides evidence that increasing minimum wage can lead to improved labor market outcomes without reducing job availability or depressing economic conditions. However, I believe more considerations need to be taken into account when studying the effects of a minimum wage increase including demographics (such as age, gender and location), sector-specific impacts (e.g., hospitality vs manufacturing) and long-term implications over time. One approach used to consider these additional considerations is conscious capitalism which prioritizes ethical responsibility for stakeholders rather than sole focus on profits for shareholders. In terms of a minimum wage increase, conscious capitalism would strive towards an equitable solution that meets employees’ needs while also considering other elements such as business sustainability or macroeconomic stability (Gillespie & van Buren III 2020). For example, businesses could allocate resources towards employee training programs alongside increases in pay scale so workers are able to stay competitive while also earning a living wage (Van Buren III & Gillespie 2019). References: Gillespie A., & Van Buren III HJH..(2020). Conscious Capitalism: A New Paradigm for Business Success? Interdisciplinary Journal Of Partnership Studies 7(1). doi: 10.24926/ijps/v7i1/831151 Van Buren III HJH., & Gillespie A..(2019). Sustainable Capitalism – Avoiding short-termism through conscious decision making – special issue introduction Interdisciplinary Journal Of Partnership Studies 6(2), 1–3 doi: 10.24926/ijps/v6i2

Sample Solution

One scholarly article regarding the effects of increases on minimum wages is a study conducted by economists at University College London, Harvard Business School and the National Bureau of Economic Research. The study found that when minimum wage increases were implemented in Denmark between 1990 and 2016, there was an overall net positive effect on employment. This result held true for both teens and adults. Other factors such as incentives to employers or education and training subsidies did not account for the increase in employment rates due to higher minimum wages.