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A specific example of price control is minimum wage. Minimum wage is a government-imposed minimum, meaning the government sets the lowest hourly rate that that companies or employers can legally pay their workers. The main reason for the implementation of minimum wage is to ensure that employees working the lowest jobs can earn a salary that covers basic living expenses. This regulation is in place to try and minimize income inequality and reduce poverty. Minimum wage laws are intended to protect low-income workers who might be taken advantage of by employers trying to pay extremely low wages. When the government sets the minimum, it tries to ensure that all employees receive fair compensation for their work. In countries with little to no minimum wage like Somalia, Bangladesh, and South Sudan many social and economic problems arise. Often there is no labor protection or social welfare programs either, which can lead to child labor, poor working conditions, and high poverty rates. Minimum wage can affect buyers in a number of ways. Some employers might decide to lay off workers or reduce employee hours to deal with the higher labor costs. Another approach would be to invest in automation in order to replace low-income jobs with machines or other technology. In another instance, employers may decide to pass on the cost to consumers by way of increased prices. Ironically, the first two approaches would defeat the entire purpose of the implementation of minimum wage. Minimum wage is there to strengthen and help low-income workers and these responses by employers significantly weaken and diminish those workers. When it comes to sellers, the workers in this case, the effects can be fairly positive. Increased minimum wage can lead to higher income and improved living standards for workers. This can be life-changing for most low-income workers already struggling to pay bills and buy necessities. However, this potential benefit comes at a cost. As mentioned, increased minimum wage may cause employers to lay off employees, resulting in fewer job opportunities for these workers. Additionally, less qualified employees might find it harder to find a job as employers look to more qualified workers to justify the increased expense.

Works cited:

Chron. (n.d.). Economic theory of minimum wage. Retrieved from https://smallbusiness.chron.com/economic-theory-minimum-wage-3888.html

Institute for Policy Innovation. (n.d.). The minimum wage is a price control debate. Retrieved from https://www.ipi.org/ipi_issues/detail/the-minimum-wage-is-a-price-control-debate

Investopedia. (2016). What are the pros and cons of raising the minimum wage?. Retrieved from https://www.investopedia.com/articles/markets-economy/090516/what-are-pros-and-cons-raising-minimum-wage.asp