Write an essay that addresses the following: 1. Description of the Issue: o

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Write an essay that addresses the following:
1. Description
of the Issue:
o Use
the news and reports materials to describe and summarize recent trends in
minimum wage policies and the typical characteristics of a minimum-wage earner.
2. Justification
for Policy Interventions:
o Review
the research and discuss the economic justifications for public policy
interventions in the labor market. Examples include topics in market-failure
like monopsony. Other possible areas include normative economic justifications
like fairness or paternalism.
3. Evaluation
of Policy:
o Discuss
the economics of a binding minimum wage (i.e. a binding price floor on wages).
What does economic theory predict will happen to the level of employment? What
does economic theory predict will happen to earnings to workers? Explain how,
if at all, a binding minimum wage solves the justification for the policy
intervention (i.e. how does the policy solve a topic in market-failure; or how
does it solve a normative economic concern).
o Summarize
the empirical research on the effectiveness of the minimum wage to increase
employment and wages by comparing and contrasting Card et al. (1994) and Jardim
et al. (2017). Relate these findings to economic theory and to the goal of the
policy intervention.
4. Your
Policy Recommendations:
o Using
Belman et al. (2015) and MaCurdy (2015), discuss who is affected by the minimum
wage and is it effective at supporting the poor?
o In
your view, is the minimum wage the most-effective policy at increasing earnings
for low-income workers? In your view, what alternative short-term and long-term
policies do you think would be more effective?
Additional Information
The essay should have the following format:
• Your
writing should be from an economic perspective, not a political perspective.
• Please
write your paper as an essay (i.e. do not number your paragraphs 1, 2, 3 and so
on), have a title, put your name and date on the paper and indent paragraphs.
• Follow
APA style guidelines for all references and citations.
• Microsoft
Word Document (.docx or .doc), 12 point Times New Roman font, 1.5 line spacing
and 1 inch margins.

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