Why the Minimum Wage should be increased in the UK

The theoretical premise (Fig.1) for introducing a national minimum wage (NMW) into an economy is embedded in aims to correct market failure, improve income inequality, expand incentives to work, and enhance productivity. That said, this policy can also bring disadvantages such as the potential to increase real wage or classical unemployment as firms recalibrate their requirements for labour in response to rising production costs. The … Continue reading Why the Minimum Wage should be increased in the UK

Stanley GrewalOctober 5, 2023October 5, 2023Leave a comment

Economics, International

Price Controls on Essentials During the Pandemic

The phrase “time of crisis and shortage” is certainly applicable to the coronavirus pandemic; it refers to a period of difficulty where specific items cannot be obtained in sufficient amounts due to shortages in quantity supplied. This may encourage societal inequalities. For example, in order to prevent a future lack of essential goods, higher income earners are better placed to “hoard” such goods, as the … Continue reading Price Controls on Essentials During the Pandemic

Stanley GrewalMay 19, 2021March 27, 2023Leave a comment