Chapter 6

How does this relate to the theories from the chapter? This article relates to the Price Control and Price Floor affects of the market. in my opinion the Venezuela government is hurting the economy and its citizens by imposing price control and government subsidized products that are high in demand but short in supply. Now consider a different case.  After Hurricane Katrina speculators brought in bottled water, but charged quite a lot for it.  What might have happened had price controls been imposed?  Where does the concept of fairness fit into this theory? Because Hurricane Katrina was a natural disaster and a human emergency/crisis there should have been price controls for goods that are necessities so that people were not priced gouged for things they needed to survive. There is no fairness when people are in short term crises to take advantage of overpricing necessities for a profit. Last, choose an article about increases in the minimum wage and comment on it using the theories from this chapter in your comments. http://www.hamiltonproject.org/papers/the_ripple_effect_of_the_minimum_wage_on_american_workers/ According to this article raising the minimum wage would increase the wages of 35 million American workers. 29 % of the US workforce. The article discussed the Ripple Effect that this would have on the wages in America but I feel the overall consensus of the article is that raising the minimum wage would be a benefit to low wage workers, including raising wages for most workers in the lower wage bracket/lower income work force.  In our text it states that in 2006 economists, 47 percent favored eliminating minimum wage, 14 percent maintain it and 38 percent would increase it. In my opinion we should not eliminate it, because then employers would under pay the workforce. I firmly believe in today's society we are forced to work for much much more and get paid for less. People today are overworked, under paid and stressed. I say raise the minimum wage, pay people what their worth. We have to work to survive, so make it possible to do so.  I am a proponent to raising the minimum wage. I understand the teenage factor, but not all of their parents can support their cars, insurance and college. Why not help them be able to start out successful and become financially independent from their parents?