Tutor2U has provided another excellent set of videos analysing and evaluating the national minimum wage.
Analysing the NMW
Evaluating the NMW
Here’s our class essay, missing the conclusion. Remember, there are lots of ways to answer this question – this just gives you an idea of structure and technique.
This is a key topic in the study of the labour market and a great theme to focus on in exams: lots of scope for high level evaluation and linking issues together (such as labour markets and inequality)!
Tutor2U has provided (once again) a fantastic summary of the key issues together with some wider reading.
http://www.tutor2u.net/economics/reference/government-intervention-minimum-wage-and-living-wage
Don’t forget – the trade union/NMW diagrams are very similar – so well worth investing the revision time on.
HOMEWORK: Read the LSE article evaluating the NMW and summarise the key points raised.
Can the minimum wage create jobs?
Unintended consequences? How firms are dealing with cost rises.
How have businesses adapted to the introduction of the Living Wage?
Collaborative Essay:
Once you have had time to evaluate the key arguments relating to the national minimum wage/living wage, you will work together to develop an answer to the question below:
Evaluate the view that the best way to narrow wage differentials is to increase the National Minimum Wage. (25 marks)
Econormics 