Economic Long Term Effects of Raising the Minimum Wage Research Paper

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Essay/Paper Structure and Grading Criteria Title Page or Cover page It states topic, assignment name (ex. class paper or essay#1), writer’s name, instructor’s name, class name and section number, and the date. (no point earned for title page, deduct a total of 5 points if any component missing) Part I. Introduction (Why anyone should read this paper/Why it is important or interesting) • Is the topic of the paper clearly and concisely introduced? • Does the introduction include a clear and concise thesis statement or research questions? • Does the introduction lay groundwork for the direction of the paper? Does the information forecast the remainder of the paper for the reader? Part II. Summary of articles and additional sources (how other people have addressed the problem or answered the research questions) Does the paper summarize the articles individually? • Does the paper synthesize the articles reviewed into a few main points? • Does it provide a thematic summary of the research drawn upon? • Are the source materials introduced, contextualized, and made relevant to the purpose of the paper? (lower score if the summary is irrelevant to the thesis or the research questions of the paper) Part III. Body • Does the writer adapt a theory or economics concepts learned in class to the real world problem or the research question? • Is an economics theory/concept used to make an argument or to answer questions? • How does the economics theory/concept play a role in the analysis in this paper? Part IV. Evaluation and Conclusion (Show how you can use what you learn in class to evaluate the situation in the real world) • Does the writer use the knowledge from this class to evaluate and answer the thesis/research questions? • Does the writer clearly answer the thesis/research questions? • Does the paper provide a brief summary of what has been discussed? Part V. Reference (please refer to MLA format or other professional format guidelines on class website) • Does the paper have reference? • Does the paper use MLA format or other professional formats for the reference? Is there a variety of sources? /15 /15 /20 /20 /15 Overall Quality of Writing • Does the paper provide excellent background, context and idea development? • Is the paper well organized? • Is the paper free from grammar & spelling errors? • Are there smooth transitions between sections? Total Points: _____/100% /15 Microeconomics examples of topics for paper#1 IMPORTANT Guidelines for paper - You are doing a short research paper. Therefore, you need come up with research questions or thesis. Think what interests you in what we cover in the class. For example, o If you are interested in outsourcing, your research questions could be “Is the US better off or worse off because of the outsourcing to China?”. Then you go do a research on it. Find academic articles or news articles that support and/or against outsourcing. o You do research by reading those articles that you found and then combine the information you find into a unified paper that represents your fully formed expertise. The key to the whole thing is "combining," so as you do your research, look for facts and information that go well together and help explain (or disagree with) each other o You may start your introduction and research questions. Then start a second paragraph with a short explanation of what is “outsourcing” and state facts such as how many dollars or how many jobs the US outsourced to China in 2010. o The paper must show an analysis of a real world outsourcing situation such as what are the problems with the outsourcing, why there are the problems, how to fix the problems, what the pros and cons of each solution are, and how it will affect consumers who buy imported goods at Walmart or exporters to China. o Warning: You should have one or two research questions or more depending on your interest. If you only have one research question for your whole paper and that question is “what is outsourcing”, for example, you basically just look for a definition or a textbook explanation. This will NOT be a good research paper. This is NOT a high school paper. o A paper that only provides definition, textbook explanation, or news/facts reporting will NOT earn good scores. You are not writing a dictionary or a textbook or a newspaper. You are writing an economics research paper. o Do not get stuck on picking a cool topic or a topic with economics keywords. If a high school paper is about a topic, a college paper is about research question(s) or thesis statement. A topic such as pregnancy can be good topic if the research question is, for example, what are the opportunity costs of pregnancy before finishing high school comparing to after finishing high school and college. - - The topics and articles provided here are just examples. You are not limited to these topics. You can pick any topic that related to what we cover in our exams. You should look for more articles for your research. In order to get an “A” for essay you must use at least four news articles for your research. If you use only the article that I provide here, it will only give you a maximum of a “C+”. So, go out and find more articles that compliment your research questions. Do not forget to read the grading criteria for paper/essay in the “content” area in the class website. Tips: Do not to use spoken language in academic writing. Write from 3rd person perspective Do not use contraction in a formal writing. Note: Some of the links here may not work. I have no control over those websites. They may change their links at any time. Use Google to find them. If you do not know how, go to the library and ask for a reference librarian. They are trained professional to help you find material for your research. If you do not find any topic here interesting, browse these websites to find more topics. http://marcgawley.com/ http://krugman.blogs.nytimes.com/ http://gregmankiw.blogspot.com/ http://conversableeconomist.blogspot.com/ Microeconomics Why daycare cost is so high in the US? Applied Topics: Demand and Supply analysis, Social Welfare, Income inequality Research Question: 1. Is demand for daycare higher than supply? Why? 2. Why childcare is expensive? 3. Should government subsidy childcare cost? (Hint: Use demand and supply framework to analyze why price is high) https://www.usda.gov/media/blog/2017/01/13/cost-raising-child https://www.youtube.com/watch?v=JQNLWyQKLj4 What to do when there is no toilet papers to buy? Applied Topics: Price control, International Trade Research Questions: 1. Why did Venezuela run out of toilet papers? 2. Why price control could create a shortage of goods esp. imported goods and eventually lead to a collapse of an economy? Possible articles to answer the research questions (don’t forget to find more articles) http://www.chicagotribune.com/news/columnists/kass/ct-venezuela-toilet-papershortage-kass-0226-20160225-column.html http://www.npr.org/sections/money/2016/10/21/498867764/episode-731-howvenezuela-imploded http://www.npr.org/2016/11/02/500407498/how-venezuelas-economy-collapsedand-led-to-political-unrest Trade deals or technology that killing jobs Applied Topics: International trade, Economic growth Research Questions: 1. Does international trade really kill jobs in the US? 2. What kind of jobs we lost and what kind of jobs we gained because of international trade and outsourcing? Possible articles to answer the research questions (don’t forget to find more articles) http://www.marketwatch.com/story/the-real-long-term-threat-to-american-jobs-istech-not-trade-deals-2017-01-23 http://www.marketwatch.com/story/amazon-is-going-to-kill-more-american-jobsthan-china-did-2017-01-19 http://www.cnn.com/2017/01/23/opinions/killing-ttp-great-for-china-bergstrandopinion/index.html Robots are taking our jobs Applied Topics: Price control, technology advancement and unemployment Research Questions: 1. Robots and new technology are taking away jobs from human. In 2008-2010 Our government has bailed out U.S. automakers to save millions of jobs, not just factory workers but also dealership related jobs and auto repair related jobs. Should our governments intervene or stop robots and new technology taking jobs away from us? Should governments offer other alternatives to those who will lose job? 2. Minimum wage is going up. Fast food chains are starting using machine (kiosk) to take order instead of minimum wage workers? Should we stop technology from progressing? What is the overall economic impact to the economy? Possible articles to answer the research questions (don’t forget to find more articles) http://www.huffingtonpost.com/scott-santens/self-driving-trucks-are-going-to-hitus_b_7308874.html https://app.box.com/s/9gr9yr81lbjqkgs9ybnilw2u7ks4b1vf https://app.box.com/s/wjgwlpnf2qopbdhgokoq7r9p1568fzcf https://app.box.com/s/xqj4i4ndlgpvv8ec8hehwvnkifbiuj13 https://app.box.com/s/pabr6mnccsyox6wygt29uqorvem4lqt0 http://www.zerohedge.com/news/2017-03-27/meet-sam-brick-laying-robotdoes-work-6-humans Minimum wage increase would cost more to society than gain in long run Applied Topics: Price control, Application of demand and supply Research Questions: 1. What are pros and cons of raising minimum wage? 2. Who benefit and who loss in short run and long run when minimum wage raises? 3. Why minimum wage increase would cost more to society than gain in long run? (or that is not true?) Supporting articles (don’t forget to find more supporting articles): http://money.cnn.com/2014/02/18/news/economy/minimum-wagecbo/index.html?hpt=hp_t2 A Black market for Apple Genius Bar in China Applied Topics: Application of demand and supply Research Questions: 1. Should a supplier/producer let the market create a black market to clear the excess demand for its product? Why or why not? 2. When there is demand more than supply, how would a supplier/producer prevent a black market to occur? 3. Who benefit and who loss from this type of black market? Or everyone is a loser or everyone is a winner? Supporting articles (don’t forget to find more supporting articles): https://app.box.com/s/pet6g0zfhh3r02he4mb6 Price ceiling for a super star athlete Applied Topics: Price control Research Questions: 1. Should there be a price ceiling for a professional athlete (ex. Basket ball players, football players and other sports)? Should there be a price floor as well? 2. Why or why not a price control would make economic sense for a professional sport? 3. Who would benefit and who would loss from such price control? Supporting articles (don’t forget to find more supporting articles): • http://www.npr.org/blogs/money/2013/01/25/170176590/at-17-5-million-a-yearlebron-james-is-underpaid Wheat prices: Field events Applied Topics: Supply and demand model. The article examines the international wheat market. Research Questions: 1. Under the supply and demand model how Russia's action caused the price of wheat to increase. 2. Under the supply and demand model how the actions of Egypt, Tunisia, Algeria, and Jordan caused the price of wheat to increase. Supporting articles (don’t forget to find more supporting articles):: • http://www.economist.com/node/16994407?story_id=16994407 Chinese Form Lines Outside Apple Stores for iPad Applied Topics: Supply and demand model, surpluses and shortages, rationing by waiting. The article examines release of Apple's iPad in China. Research Questions: 1. Under the supply and demand model why the price of iPads in China is higher than it is in the U.S. (Hint: The U.S. market for iPads is completely separate from the market for iPads in China. It is extremely difficult to buy iPad in big lots from the U.S. and resale them in China but not impossible. Find supporting evidence/articles) 2. Is there likely to be a shortage or a surplus in this market? Would it create a black market for iPad? (Find supporting evidence/articles of similar situations) Supporting articles(don’t forget to find more supporting articles): • http://www.toptechnews.com/section.xhtml?category=126 The age of ethanol Applied Topics: Supply and demand model, determinants of supply and demand. The article examines the ethanol market. Research Questions: 1. Under the supply and demand model what the effect of allowing the tariff on imported ethanol would be on the price of ethanol in the U.S., other things constant. 2. Under the supply and demand model what would happen to the price of ethanol if the subsidies for corn ethanol were eliminated. (Find supporting evidence/articles of the same or similar situations) Supporting articles (don’t forget to find more supporting articles):: • http://www.economist.com/research/articlesbysubject/displaystory.cfm?subjectid =8780295&story_id=16492491 Health care reform: Who must buy insurance? Applied Topics: Supply and demand model, determinants of supply and demand, rational self-interest. The article examines effects of the health care law on insurance companies and the uninsured. Questions: 1. Under the supply and demand model how increasing the number of persons who would be required to buy health insurance and requiring insurance companies to sell health insurance to persons with preexisting conditions affect the price of health insurance. 2. What would happen to the price of health care services when insurance companies cannot refuse to insure persons with pre-existing conditions likely to have? How? Supporting articles(don’t forget to find more supporting articles): • http://articles.moneycentral.msn.com/Insurance/InsureYourHealth/health-carereform-who-must-buy-insurance.aspx The jobs market for economists: Applied thinking Applied Topics: Supply and demand model, changes in supply and demand. The article examines the market for economists in 2010. Research Questions: 1. Under the supply and demand model what is likely to happen to the wage (salaries) paid to academic economists. Supporting articles(don’t forget to find more supporting articles): • http://www.economist.com/businessfinance/displayStory.cfm?story_id=15213689 &source=hptextfeature Obama Tax Prompts Put-Upon Bankers to Break Out the Violins Applied Topics: Supply and demand model, determinants of supply and demand. The article examines the use and possible effects of the Obama administration's proposal to tax the largest banks to help pay for the TARP program over the next 10 years. Research Questions: 1. Under the supply and demand model how the tax discussed in the article is imposed would affect on the price of financial services charged by banks ? 2. The author of the article argues that the tax is "too low." Can you use supply and demand analysis to support his argument? How? Or Why not? Supporting articles (don’t forget to find more supporting articles): • http://www.businessweek.com/investor/content/jan2010/pi20100115_247526.htm Rough times for US oil refiners Applied Topics: Supply and demand model, changes in supply and demand. The article examines the market for oil and refined petroleum products. Research Questions: 1. Under the supply and demand model why the price of crude oil increased. 2. Under the supply and demand model how it would have been possible for the price of gasoline to have decreased. What should have had to be done? Supporting articles (don’t forget to find more supporting articles): • • http://www.petroleumeconomist.com/default.asp?Page=14&PUB=46&SID=723802&ISS=25538 http://www.cnn.com/2012/02/27/opinion/whitaker-in-depth-gasoline/index.html
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Running head: RAISING THE MINIMUM WAGE

Long-term Effects of Raising the Minimum Wage
Name
Institution

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RAISING THE MINIMUM WAGE

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Long-term Effects of Raising the Minimum Wage
The debate on minimum wage constitutes one of the most popular and contentious
economic policies in the United States. Recently, there has been a debate on whether increasing
the minimum wage would benefit the economy or harm it. Some economists believe it will do
more good than harm while others argue that it will cause undesirable consequences. Several
questions come into play when discussing the long-term effect of increased minimum wage. The
first question is whether the wage rise would be good for the economy or derail its growth by
causing job losses. The second question is whether the minimum wage increase would lead to
inflation that will harm low-income earners. Also, the question of who will benefit more from
the minimum wage raise and who will lose is pertinent. The position adopted is that increase in
minimum wage will have varying effects across industries and regions, but the overall benefits
outweigh the subsequent adverse impacts of the policy.
Summary of Articles
Increasing the minimum wage can have both positive and negative consequences. The
higher wages increases incomes and are likely to cause higher consumer spending, thus leading
to economic growth. However, there is also the risk of the higher minimum wages, costing some
jobs through layoffs.
An article in business insider stated the importance of an increased minimum wage on
workers, busi...


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