Minimum Wage Regulations Strike At The Very Heart Of The...

As a form of price control, minimum wage legislations strike at the very heart of the free enterprise system. The father of economics, Adam Smith explained in his masterpiece, â€Å"The Wealth of Nations†, that â€Å"the price system is the communication mechanism that coordinates, motivates, and harmonizes the actions of consumers and entrepreneurs†. His renown metaphor and philosophy of the â€Å"Invisible Hand† captured the idea that free-market pricing system molds individual self interest into extensive economic betterment for the general society and draws healthy competitions among different industries. With that said, it is apparent that minimum wage laws simultaneously violate the principles of the â€Å"invisible hand† as well as multiple values of the U.S. Constitution as they essentially disrupt with the free market trading system, and robs the opportunities away from the youth due to consequences of unemployment and poverty. Before anything, clarifications on the concept of the â€Å"invisible hand† is crucial in understanding the arguments and analysis processed through my essay. The theory of the Invisible Hand states that if each consumer is allowed to choose freely what to buy while each producer is blessed with the power to choose freely what to sell and how to produce the products, the market will settle on an equilibrium of prices and distributions that are constructive and beneficial to every individual members of a community, therefore benefit to the community as a whole. TheShow MoreRelatedEmployee Remuneration13571 Words   |  55 PagesINTRODUCTION 1. MEANING OF WAGE/ COMPENSATION PAYMENT: Wage is a monetary payment made by the employer to his employee for the work done or services rendered. It is a monetary compensation for the services rendered [1]. A worker may be paid Rs. 100 per day or Rs. 4500 per month. This is wage payment. The worker gives his services and takes payment called wage payment. Industrial workers are paid remuneration for their services in terms of money called wage payment. Wages are usually paid inRead MoreThe Garment Industry of Bangladesh9128 Words   |  37 Pagesrather late start i.e., in 1976 but it soon established its reputation in the world market within a short span of time. Resultantly garment is now one of the main export items of the country. Besides, enriching the countrys economy it has played a very important role in alleviating unemployment. At present there are more than two thousand one hundred garment factories in the country employing more than 12 lack labors. 85 percent of the labor force is women. Once Sri-Lanka was leader in this fieldRead MoreWhat Are the Causes of Poverty in Philippine Economy?4887 Words   |  20 Pagesfacing mass poverty. For all the magnificent testimonies to man’s superior skill and intellect in producing today’s level of cultural development, he still has to find the solution to mass poverty. Whether the government would admit it or not, it is very clear even with our bare eyes that we our suffering a lot from poverty .But what is poverty anyway? Let first define poverty so we can have a clear understanding with what are we going to discuss. From a Webster dictionary, poverty means ‘lack of moneyRead MoreWhat Are the Causes of Poverty in Philippine Economy?4902 Words   |  20 Pagesfacing mass poverty. For all the magnificent testimonies to man’s superior skill and intellect in producing today’s level of cultural development, he still has to find the solution to mass poverty. Whether the government would admit it or not, it is very clear even with our bare eyes that we our suffering a lot from poverty .But what is poverty anyway? Let first define poverty so we can have a clear understanding with what are we going to discuss. From a Webster dictionary, poverty means ‘lack of moneyRead MoreIntroduction to Large Scale Organizations18988 Words   |  76 Pagesgenerated by promoting a public profile -E.g. Caritas, Oxfam, World Vision The public sector is the part of the economy controlled by the local, state and federal governments. It can be categorised into: Government Departments Government-Business-Enterprises -Aim to provide a high level of service within a specified field, can exist at all 3 levels of government -Also aim to achieve social and political objectives of the government -Operate within limits of their budget and relevant legislation -E.gRead MoreBusiness in Singapore30736 Words   |  123 PagesSingapore DOING BUSINESS IN SINGAPORE 1 CONTENTS 3 4 11 FOREWORD INTRODUCTION - Getting to know Singapore OVERVIEW OF LEGAL ENVIRONMENT - Legal Framework - Handling Civil Disputes - Employment - Immigration - Competition Act - Singapores Free Trade Agreement (FTAs) STARTING A BUSINESS BANKING RELATIONSHIP IN SINGAPORE - Introduction to the Financial Landscape in Singapore - Banking in Singapore - Business Credit Facilities - Business Protection TYPES OF BUSINESS ORGANISATIONS - Sole ProprietorshipsRead MoreIndian Social Structure and Values Ethics in Business13564 Words   |  55 PagesLinguistic Groups : In India population belongs to multiple linguistic Groups. Sanskrit has influenced most of the languages. Modern industry came to India in the 19th Century after the Industrial Revolution of Europe and was allied with a modern system of education sponsored by an alien power. Since then profound changes have taken place regarding the social stratification of people of our country. There was a change in values; people come to accept western values known as westernization in oppositionRead MoreBuild-a-Bear International Expansion Into the Chinese Toy Market7895 Words   |  32 Pagesand the opportunity to launch a series of Build a bear workshops adapted to the local real estate market and sensitive to the local culture while retaining commitment to the Build a bear workshop culture. Capital requirements are stipulated to be a minimum of $5 million for each start up franchise. A major factor influencing our decision was the role of Chinas ‘little emperors’ in the economy. As the Chinese economy develops the amount of disposable income available to the ‘little emperorsà ¢â‚¬â„¢ is directlyRead MoreCase Study on Ebay18810 Words   |  76 Pagesdid, e-commerce in China grew at a frantic pace. In this regard, discuss the opportunities and road blocks of Chinese e-commerce market. eBay’s Problems in China â€Å"We do not anticipate fading from China, we are very committed to the China market and we think the China market is going to be a very big market for m-commerce (mobile commerce) as well as e-commerce.†1 − Meg Whitman, President and CEO, eBay Inc, in 2006. (10marks) (20marks) (15marks) (20marks) â€Å"I think it’s a question of recognizingRead MoreFundamentals of Hrm263904 Words   |  1056 Pages10/12 ITC Legacy Serif Book by Aptaracorp, Inc. and printed and bound by Courier/Kendallville. The cover was printed by Courier/Kendallville. This book is printed on acid free paper. Copyright  © 2010, 2007, 2005, 2002 John Wiley Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the