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Posted: November 19th, 2022
Minimum Wage Control should be a Free Market’s Affair
Thesis Statement
The minimum wage defined by the government is inimical because it hinders people in the free market from settling at a given wage for a particular labour.
Introduction
The laws the government has set aside to regulate the minimum wage should be done away with. The role of a government at least in any democratic society is to defend people’s lives, property and the country’s liberty (Freeman, 2007). It is not the business of the government to define laws on the workers’ remuneration in particular professions. One of the mistakes the government ever did was to introduce the minimum wage laws. The market understands itself better and is at a good position to deal with wages. This discussion illustrate why the government laws on the minimum wage need to be abandoned as we allow the free market to set and control the minimum wages that favor the general economy of a country.
Sometimes, the prevalent wage laws require that companies pay a much higher minimum wage than the market would be able to support. A world’s economy varies regularly and only professionals in the free market can understand the variations and employ the necessary adjustments in the minimum wage. In the case that we are bound to the government wage laws, we imply that the government knows better what industries should remunerate their workers instead of allowing the free market to decide (Veatch, 2003). In other words, it is a way the government decides on the industries that are better than others in an economy.
For most federal projects, the wage acts are passed into laws that dictate the normal wages to pay particular workers depending on their geographical areas. Regulatory agencies collaborate with the labour unions and typically demand for higher rates of payments to workers regardless of the normal free market’s support. There are a lot of states that work under the similar laws at the stake of the general economy, especially in the projects funded by states.
A market is composed of many tiny undertakings between people. A government umbrella may not understand that. It can only introduce large scale regulations on situations that are delicate (Leonard, 2000). Government controls may seem benevolent because the issues of the fair wages may seem crucial to workers. However, we should note that a government dictation on private industry employees as well interferes with the free market systems. Companies whose employees remunerations is defined by the government may fail to reward their productive workers’ abilities. Moreover, when employees are paid equally regardless of the recognition of their respective accuracy, their ambition levels in doing the best in the job will diminish greatly. Anyway, there is not any reason for a person to work harder that someone else if at the end of it he or she will not be remunerated more for it. For instance, when an electrician is able to fix 20 electricity ports per day while his fellow only does 15 ports, a free market would demand that he is paid more (Velasquez & Velazquez, 2002). Otherwise, he would reduce his capability to match the one fixing 15 ports in a day for a fair compensation. Individuals whose payments depend on the states bureaucratic guaranteed scale of payments can never see the need to work more than the government’s job specifications. Therefore, we realize that there is no incentive for hard work in places where employers have a definite pay scale which opposes the free market pay system.
In conclusion, the minimum wage should be defined by a free market system. Wages for particular labor ought to depend on the relative productivity in the fields rather than the external control systems. The merit based system of payment relies on the abilities to carry out the required tasks. Industries that produce more should offer more remuneration to their employees and vice versa. The practice will help to hold and maintain the free market’s capacity. Moreover, industries that give incentives to more productive employees motivate them to enhance their skills which ultimately lead to more production as well as employees maintenance (Veatch, 2003). Finally, the free market should control minimum wages since the prevailing wage regulations by the government at all levels directly interfere with it.
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References
Freeman, R.B., 2007. Labor market institutions around the world (No. w13242). National Bureau of Economic Research.
Leonard, T.C., 2000. The very idea of applying economics: The modern minimum-wage controversy and its antecedents. History of Political Economy, 32, pp.117-146.
Veatch, R.M., 2003. Why liberals should accept financial incentives for organ procurement. Kennedy Institute of Ethics Journal, 13(1), pp.19-36.
Velasquez, M.G. and Velazquez, M., 2002. Business ethics: Concepts and cases (Vol. 111). Upper Saddle River, NJ: Prentice Hall.
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