How to write about minimum wage
The minimum wage policy is a controversial issue among the political sphere, and even the scientific community is divided into opposing views on this issue.
In the essay on economic and social factors, you may mention that, in the broad sense, the issue of minimum wage refers to the problems of managing the nature and distribution of labor forces which, in turn, affect the opportunities and goals of the individual and groups of people.
The rise in the minimum wage rate is the result of a number of factors, and as we know, they are connected with the general process of economic change. Therefore, the changes in the minimum wage may be accompanied by the trends in the growth of other essential industries, the demand for new technological products, etc.
You may consider the situation when, on November 17, 2018, the US Department of Labor releases a statement on the internet equalization of the wage for the employed workers. The phrase “In the United States, there are laws that establish the minimum wage for the covered workers. The wage rates on the old Pareto’s model are set to rise from the $7.25 established in the beginning of 2014 to $12.75 per hour.
This action may be considered a good example in a “Raising the minimum wage” essay. Many experts believe that higher salaries are not a guarantee of more paid work. In the real world, the wages of middle and lower specialists are set according to the inverse order of the economic status. That is why the wages of the middle class are often lower than on the same basis.
The phenomena of inequality in the labor market are also worth mentioning in the essay on income inequality. There is a tendency for the growth of such groups as the pillars of the middle class in the earnings of the middle class. As a rule, the salaries of the middle class reach $ 10-15 times higher than the incomes of other elements of the middle class.
There are a lot of variables which help to influence the social process and are widely used in the statistical data. In the approach to income inequality, they are applied in the economy, social activity, etc. The purpose of such data is to create a sufficiently flexible model that allows measuring the complex impact of the different factors on different scales.
The following factors are of particular importance:
Persons with a higher value of indicators mentioned in this list belong to groups located above the middle class on the social ladder (the upper stratum, the elite).
An important feature of the middle class is its quantitative scale. In any case, the share of the middle class in the population should be not less than the total share of those groups whose social status is somewhat below. The functioning of the middle class begins exactly from this quantitative threshold. Otherwise, it would be only one of the layers in the social structure of society.
Based on the above, you can specify the social groups that belong to the middle class in essay on economic inequality:
The middle class is distinguished by high heterogeneity and even ambiguity in many objective and subjective criteria. This prevents the understanding of the common interests of representatives of the middle class.
It’s important to mention in income inequality paper that the presence of the middle class provides stability and dynamic economic development. As a basic social group, it performs a number of very important social functions.