Essays on Economic Issues

 We are all in a boat, one sinking rapidly, one sinking slowly and one rising steadily. Robert Reich convincingly uses this metaphor to demonstrate the economic gap in “Why the Rich Are Getting Richer, and the Poor, Poorer”. He discusses this gap between the upper…

America’s Wealth Gap is bigger than ever before in history. Income inequality is a problem not foreign to the American people. The gap between the wealthy and the negative literally has irrefutably extended over the past five sorts of many years and continues to effectively…

When the federal minimum wage was first introduced, it was meant to give workers just enough money to survive. As time passed and the price of living inflated, the federal minimum wage, now at $7.25 per hour, hardly does what it was designed to do….

Economic inequality is an existed phenomenon in the economy, which belongs to the gap between the rich and the poor. Like dividing a cake, every piece of cake which is held by people is not on average, so inequality happens in this proceeding. It is…

I believe that we as individuals are all morally obliged to help the poor, particularly like myself you are a somewhat privileged citizen of a developed country. Every week more than a quarter of a million children die from malnutrition and diseases. Many of these…

Compensating employees through financial payments in exchange for their labor and time is how wages are defined. An hourly rate of pay is determined as the amount of compensation paid to an employee in return for their services. The rate at which the employee is…

The idea of helping one another seems to be a common similarity in many people’s lives. Andrew Carnegie’s “Gospel of Wealth” and Karl Marx’s “Communist Manifesto”, both have very different stances on the topic of the rich and poor yet similarities can still be found…

“No family gets rich from earning the minimum wage, in fact, the current minimum wage does not even lift a family out of poverty” (Corzine). Richard V. Burkhauser, author and Professor at The University of Melbourne, published Minimum wages and Poverty: Will a $9.50 Federal…

“We should raise the minimum wage so that no one who works full time has to live in poverty” is a famous quote by Barack Obama. I agree with him because raising the minimum wage would help families improve. A mother and father wouldn’t have…

Based on the reading, it appears Tommy Takem intentionally, and unnecessarily, raised his prices beyond what they should have been. This sounds like an example of price gouging. Price gouging takes place when “sellers of a certain necessary good sharply raise their prices beyond the…