Communication in Economics Essay Example | Topics and Well Written Essays - 250 words - 2

Communication in Economics - Essay Example Paul Krugman, a Nobel Prize winning economist argues that the move to raise the minimum wage would not lead to job loss because big companies like McDonalds cannot replace workers by machines nor move these jobs overseas. However, the implications may not be the same for small companies. According to the U.S Department of Labor, raising the minimum wage can be beneficial to the economy, for instance, it would reduce employee turnover and increase consumer purchasing power. Increasing the minimum wage may be beneficial to those who receive it even though this might have little impact on the U.S economy. Therefore, it is prudent to review critically the move by L.A to increase the minimum wage from a socio-political dimension rather than an economical point of view. It is high time that the electorate figure out the motive of many elected officers as that of garnering votes rather than boosting the