TAILIEUCHUNG - Microeconomics for MBAs 13

Microeconomics for MBAs 13. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 4 Government Controls How Management Incentives Are Affected 14 Both sides to the heated debate that is also unavoidable will once again restate old and tired arguments and they both will be off course in their arguments. In considering a new round of minimum wage increases both minimum wage proponents and opponents need to reconsider how a minimum-wage hikes will affect labor market incentives and manager reactions to what Congress legislates. By the same token managers in markets affected by any new minimum-wage increase need to be mindful of the competitive forces afoot that will cause them to react to an increase in ways that they might not always like. The History of the Minimum Wage in Current and Constant Dollars In emerging debate much will likely be made of how the current federal minimum wage of an hour has no more purchasing power than the minimum wage of the early 1950s a fact that can be seen in Figure . The chart shows that the minimum wage in current dollars has risen in a series of nineteen steps from 25 cents an hour when the first federal minimum wage took effect in October 1938 to currently. However in constant February 1999 dollars the minimum wage rose irregularly from an hour in October 1938 to an hour in 1968 only to fall irregularly from the 1968 peak to its current level of which is a third less than the 1968 peak. As can also be seen the real value of the 1999 minimum wage was slightly below the real minimum wage when it was raised at the start of 1950 at which time it was in 1999 dollars . In recent years the real minimum wage has fallen only slightly in real terms from in October 1997 at which time the minimum wage was last raised to . 4 The Two Sides to an Old Debate When the next minimum-wage bill reaches the floor of Congress it is all but certain that many opponents and proponents in and out of Congress will once again lock political horns over the proposal no matter what the proposed

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