International Journal of Social Science & Economic Research
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Title:
Diving Deeper into a Complex Problem in Economics: How are Minimum Wages Determined

Authors:
Derin Degerli and Mustafa Alp

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Derin Degerli1 and Mustafa Alp2
1,2. Uskudar American Academy, Istanbul, Turkey

MLA 8
Degerli, Derin, and Mustafa Alp. "Diving Deeper into a Complex Problem in Economics: How are Minimum Wages Determined." Int. j. of Social Science and Economic Research, vol. 9, no. 6, June 2024, pp. 1983-1997, doi.org/10.46609/IJSSER.2024.v09i06.024. Accessed June 2024.
APA 6
Degerli, D., & Alp, M. (2024, June). Diving Deeper into a Complex Problem in Economics: How are Minimum Wages Determined. Int. j. of Social Science and Economic Research, 9(6), 1983-1997. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i06.024
Chicago
Degerli, Derin, and Mustafa Alp. "Diving Deeper into a Complex Problem in Economics: How are Minimum Wages Determined." Int. j. of Social Science and Economic Research 9, no. 6 (June 2024), 1983-1997. Accessed June, 2024. https://doi.org/10.46609/IJSSER.2024.v09i06.024.

References

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[3]. Brown, W. (2007) The Process of Fixing the British National Minimum Wage, 1997-2007, British Journal of Industrial Relations, vol. 47, n. 2, 429-443.
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ABSTRACT:
The purpose of this research paper is to make a comprehensive analysis of minimum wage and the economic and societal implications of it. The research explores the consequences of increases in the minimum wage and the existence of minimum wage within several economic and social indicators such as poverty, income inequality, and inflation with reference to experts and real-world data. In addition, this research also evaluates the different policies by which the minimum wage is set, from the formulaic approach to collective bargaining. Through analyzing countries with frequent minimum wage changes and varying economic problems the research shows that increases in the minimum wage while aimed at alleviating poverty often result in inflation. Furthermore, it was concluded that a mixed policy was necessary in order not to be affected by the negative consequences of minimum wage while maximizing the benefits of it.

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