Abstract
Facing higher living costs and lower real purchasing power, low wage earners have recommended to raise the minimum wage in order to raise their living standards and increase worker welfare. In this article, the author evaluates a minimum wage increase from the Neoclassical and Keynesian paradigms, and the advantages/disadvantages associated with the increase. Finally, the author will propose other methods to improve worker welfare without having a minimum wage increase.A brief analysis on debt vs. a minimum wage increase has been added.
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