Abstract
In various countries, the minimum wages have been increased to raise the lowest wage line and generate more social benefits. However, different economic theories expressed different views on the minimum wage rise. There has been controversy over whether to continue raising the minimum wage or abolish it in the future. This paper will compare the minimum wage effect of the behavior economy with that of the neoclassical economy on the labor demand side like firms and the labor supply side like workers, by comparing this social cost and benefit to illustrate that minimum wage is beneficial to the society.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
