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Read: “A Minimum Wage Equals Minimum Jobs” http://abcnews.go.com/2020/Stossel/story?id=8195418&page=1
Watch: “Stossel on the Minimum Wage” https://www.youtube.com/watch?v=A02ciYFzTHw
As you answer this assignment be sure to discuss the difference between a binding and a nonbinding minimum wage on fairness and efficiency.
You may want to define the terms “normative” and “positive” so that I know you understand their meanings.
Post your response to the following: Do you agree with the following statements? Using positive and normative reasoning, carefully explain why or why not. Be sure to identify whether you are using positive or normative reasoning in your response. (Part of your score will be determined by whether you understand the difference between normative and positive reasoning)
Increasing the minimum wage is the fairest way to benefit low wage workers.
Increasing the minimum wage is the most economically efficient way to benefit low wage workers.
Sample Solution
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