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Maximum wage
According to the News internationalist Magazine, it seems evident that a maximum wage is needed to complement the minimum wage due to multiple reasons. One of which is the need for greater equality.
Rising wage differences are one of the key drivers of inequality. By putting a plug on both ends of the pay scale , we help to ensure seemingly decent living standards for all people, and avoid the negative consequences of living in an unequal society.
Another reason for which this is debated for, is that there is a need to tame executive pay. Some executives receive extremely high levels of pay, in which they are encouraged to take risky behaviors and lead to the banking crisis and the overall hindering of a company's productivity.
Economists also agree on the fact that it is important to tackle over-consumption and debt. Human beings constantly equate themselves with others. They feel obliged to take on higher levels of debt and overconsume to compensate for being in an era of high inequality, which is harmful for the planets resources.
Other economists argue that a maximum wage would limit productivity. Those who are working would lose motive and incentive to keep producing quality work once they reach the cap wage. Those who are able to produce or earn alot more through legal means should not be limited.
In conclusion, it has been observed that once people earn an annual wage of over $80,000 dollars their well being grows little. Most of the money becomes insignificant, and setting limits will not affect those who are already well-off. Yet, on the other hand, it affects the overall productivity of the economy, and the amount of quality work being handled consistently.
Sources: http://www.debate.org/opinions/should-the-u-s-have-a-maximum-wage http://newint.org/sections/argument/2011/09/22/maximum-wage-debate-income-inequality/
http://www.debate.org/opinions/should-the-u-s-have-a-maximum-wage
According to the News internationalist Magazine, it seems evident that a maximum wage is needed to complement the minimum wage due to multiple reasons. One of which is the need for greater equality.
Rising wage differences are one of the key drivers of inequality. By putting a plug on both ends of the pay scale , we help to ensure seemingly decent living standards for all people, and avoid the negative consequences of living in an unequal society.
Another reason for which this is debated for, is that there is a need to tame executive pay. Some executives receive extremely high levels of pay, in which they are encouraged to take risky behaviors and lead to the banking crisis and the overall hindering of a company's productivity.
Economists also agree on the fact that it is important to tackle over-consumption and debt. Human beings constantly equate themselves with others. They feel obliged to take on higher levels of debt and overconsume to compensate for being in an era of high inequality, which is harmful for the planets resources.
Other economists argue that a maximum wage would limit productivity. Those who are working would lose motive and incentive to keep producing quality work once they reach the cap wage. Those who are able to produce or earn alot more through legal means should not be limited.
In conclusion, it has been observed that once people earn an annual wage of over $80,000 dollars their well being grows little. Most of the money becomes insignificant, and setting limits will not affect those who are already well-off. Yet, on the other hand, it affects the overall productivity of the economy, and the amount of quality work being handled consistently.
Sources: http://www.debate.org/opinions/should-the-u-s-have-a-maximum-wage http://newint.org/sections/argument/2011/09/22/maximum-wage-debate-income-inequality/
http://www.debate.org/opinions/should-the-u-s-have-a-maximum-wage