...Explaining Unemployment: An Analysis on State Unemployment Rates Rachel Schlesselman Creighton University Introduction and Research Question Mississippi has 48,434 square miles of land. The state flower is the magnolia. Hawaii has only 6, 423 square miles of land and the yellow hibiscus as the state flower. These states are very different in many aspects; their populations, products, and geography are all very different. States are very unique and while national averages can give a general understanding of these separate entities, how are we to be sure it is an accurate account. The national average for unemployment in August of 2006 was at 4.7 percent. This does not adequately represent the unemployment rates for Mississippi or Hawaii. Mississippi had the highest unemployment rate of all states at 7.1 percent. Hawaii on the other hand, had the lowest at 2.8 percent. If the national average does not accurately represent the unemployment rates of these states, is it not then important for us to look at those state rates and determine our own cause for the differences? It is because of this I ask the question, how do we explain the variation of unemployment rates among the individual states? It is important to clarify exactly what the question is asking and the unit of analysis that is going to be tested. According to the Bureau of Labor, unemployment is defined as “persons who did not work or have a job during the reference period, were actively looking for work during the...
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...Country analysis involves the examination and interpretation of a nation’s economic, social and political environment. The analysis offers a comprehensive overview of a country Objectives To identify the common factors used by MNCs to measure a country’s political risk and financial risk; To explain the techniques used to measure country risk; and To explain how MNCs use the assessment of country risk when making financial decisions Country analysis is useful for: * Investors in the financial market * Companies intending to set up a subsidiary * Companies wishing to enter a new market * People wishing to reside in the country Factors Considered in a Country Analysis A country analysis is often conducted through country reports researched by professional government or independent firms, such as the Economist Intelligence Unit, World Bank and Organization for Economic Cooperation and Development (OECD). Some of the data points considered in a country analysis are: Economic Indicators: Indicators such as gross domestic product (GDP), consumer price index (CPI), inflation rate and producer price index (PPI) help in gauging a country’s economic health. High GDP growth, low inflation and high CPI are favorable for companies and investors. These indicators also reflect job availability and standard of living in the country. Government Policy: Governments often introduce policies and programs to promote the growth of certain industries. Favorable government...
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...that pays $7.25 an hour? That is the national minimum wage set by the Fair Labor Standards Act in 2009. Projecting this to a 40-hour work week over 50 weeks it comes to a total of $14,500 a year. This is just above the U.S poverty level for a family of 2, but below the poverty level of $22,050 for a family of 4. Despite the fact that the minimum wage has been increased 3 times since 2007, it is almost $3.00 below what it was nearly forty years ago in purchasing power. It has not kept up with inflation. If it had, the minimum wage would be $10.74 per hour. In other words, the minimum wage is a far cry from being a living wage which is a wage that is high enough for fulltime workers to provide a decent life for themselves and their families. For the benefit of American citizens and the economy, the minimum wage must be increased! Those opposed to an increase in the minimum wage focus on a number of assumptions suggesting it would be a bad idea. Under close examination, all of their arguments fall apart. One of the main arguments for not raising the minimum wage is that it is a job killer. The reasoning is the increase in salary decreases profits and results in cutbacks in hiring. However, a study at the University of California, Berkeley, has shown that raising the minimum wage does not have a negative effect on employment. An analysis of those states that independently increased the minimum wage “had job growth slightly above the national average.” Another study from the Economic...
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...article analyzes and assesses the current status of living-standards in South Asian Association for Regional Cooperation (SAARC) countries and examines emerging trends. The discussion concentrates on access, labor law, wage rate of workers, private enterprise, and future prospects of living-standards of workers in each country. Seven South Asian countries Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka—launched the economic and political organization SAARC on 8 December 1985. Afghanistan joined it in April 2007. SAARC provides a platform for working together in a spirit of friendship, trust, and understanding to accelerate economic and social development, including education, in South Asian countries. Human resource development is one of five areas of cooperation agreed on by the member countries. In terms of population, the SAARC region covers nearly 1,500 million people, one of the largest such regional organizations. SAARC countries share certain common social and economic problems, including those related comparison between wage rate and living-standards of workers. Raising wages: an urgent imperative A wage that's enough to meet basic needs and to provide some discretionary income - what's not to like? In the past decade, retailers and brands have made some progress in getting their suppliers to pay their workers their statutory entitlements - in other words, the prevailing minimum wage plus any pension contributions, sickness or holiday pay...
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...Science Premium869 Words4 Pages • Nrega Some Facts Performance Audit Report No. XXXX11 of 2008 Ministry of PowerRural Development Performance Audit of Implementation of National Rural Employment Guarantee Act (NREGA) 1 Introduction 1.1 Overview of NREGA The National Rural Employment Guarantee Act, 2005 (NREGA) guarantees 100 da Premium2424 Words10 Pages • Orissa Nrega Scam HOT-SPOTS OF NREGA CORRUPTION IN ORISSA The following List of villages has been prepared by using Corruption Detection Tool (CDT) devised by CEFS. CEFS is absolutely certain that there has been open loot and massive financial bungling of NREGA funds in more than 95 per cent of the villages selected Premium4426 Words18 Pages • Nrega Assignment 1, PGPM Sharp rise in rural wages contributes to food inflation spike A sharp rise in rural wages has supported consumption growth, but also contributed to a sharp rise in food inflation. An analysis of rural wage data by global investment Bank JP Morgan indicates that the advent of th Premium276 Words2 Pages • Nrega The National Rural Employment Guarantee Act (NREGA) which was enacted by legislation passed on August 25, 2005 is an Indian job guarantee scheme. It has now been renamed as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) since October 2, 2009. It provides a legal guarantee of hundre Premium847 Words4 Pages • Nrega Jobs/Activities Undertaken by the...
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...Should UK’s National Minimum Wage be increased? "I think Britain can afford a higher minimum wage. I think we have worked hard to get to this point and we can start to enjoy the fruits of all that hard work." This was said by George Osborne the Chancellor of the Exchequer and Second Lord of the Treasury of the United Kingdom. George Osborne has signalled that he is willing to raise the national minimum wage from £6.31-an-hour to £7-an-hour, an above-inflation increase. The National Minimum Wage was set up in 1998 to protect low-paid workers; however increase in the UK National Minimum Wage will cause more harm to the economy, employment sector and even the society than the proposed good. Students will leave their primary aim of getting educated to go in search of jobs; employers will employ less number of people thereby increasing unemployment; the economy will suffer lack of growth that might get Britain into bigger debts and probably a recession. Researchers from the Respected Organisation for Economic Co-operation and Development said Britain has more teenage drop-outs than in most other countries. Almost one in five young people in the UK are not educated to A-level standard which is a shocking figure. Increasing the national minimum wage will encourage high school student to drop-out and go in search of jobs. What does the future hold for the upcoming generation? The society of today is looking to this upcoming generation to...
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...Understanding Rhetorical Structures September 15, 2015 Analysis 1.1 EN1420 Understanding Rhetorical Structures Should minimum wage be raised to $15/Hour? The city of Seattle, Washington has raised their minimum wage this year to $15/Hour leading to a long-overdue movement toward a living wage. Many retail and fast food workers are demanding that their state follow in Seattle’s lead by raising the minimum wage to $15/Hour but many conflicts have risen due to those demands. In my personal opinion minimum wage shouldn’t be raised. Across America, the ranks of the working poor are growing. While low-paying industries such as retail and food preparation accounted for 22 percent of the jobs lost in the Great Recession, they've generated 44 percent of the jobs added since then, according to a report from the National Employment Law Project. Last February, the Congressional Budget Office estimated that raising the national minimum wage would lift many people out of poverty. Lifting the minimum wage would provide some benefits for many low-income families. The starting minimum wage in California is $9/Hour for general retail and fast food workers. General retail and fast food jobs are meant for high school and college students to get them work experience and also to teach them responsibility. Retail and fast food jobs aren’t meant to make a career out of them but are meant to be a temporary job for students. In conclusion, people shouldn’t try to make a career out of retail...
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...………………………………………………………………4 Chapter 1 Introduction ………………………………………….5 Chapter 2 Literature Review ……………………………………6 Chapter 3 Analysis ………………………………………………7 Chapter 4 Conclusion …………………………………………...10 References …………………………………………………………..12 Abstract This paper discusses some of the additional effects raising the minimum wage income has on society. The United States low wage workers, namely the fast food industry workers are currently demanding higher wages. We will discuss the effect of those higher wages to businesses, the workers and those who we would not think to be affected. Effects of Minimum Wage Increases Chapter 1 Introduction Anyone who watches the local or national news has heard of the recent debate over raising the nation’s minimum wage requirements. Employees of McDonald’s, Wendy’s and Burger King are protesting in the streets and going on strike demanding a $15 per hour minimum wage (Fast Food Workers). These restaurant chains and others do not believe the minimum wage should be raised to $15 per hour for fast-food workers. There are many arguments to support both the demand to raise the minimum wage and not to raise the minimum wage. This paper will focus on different arguments and the impacts of raising the minimum wage will have on society from different angles, the first being how employers may respond to the wage increase by reducing the amount of employees they employ. The second focuses on who the mandated increase will most likely impact...
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...com/BUS-405-WK-6-Quiz-5-Chapter-7-All-Possible-Questions-BUS4055.htm BUS 405 WK 6 Quiz 5 Chapter 7 - All Possible Questions TRUE/FALSE 1. The majority of private sector union contracts do not contain a cost-of-living adjustment (COLA) clause. 2. The majority of private sector employees participate in a profit sharing plan. 3. Most unions consider gain sharing plans as an adequate substitute for traditional negotiated hourly wage gains. 4. The global economy of today has made it easier for employers to pass labor cost increases on to consumers by raising product or service prices. 5. Skill-based pay sets the wage rate according to a job's title (type). 6. Wages and other economic benefits represent income to employees, costs to an employer, and a basis for tax revenue to the government. 7. The majority of private sector union contracts contain a two-tier pay plan. 8. Union leaders favor job evaluation more than managers for use in designing the wage structure. 9. If a union wishes to encourage solidarity within its membership at a particular firm, it should not negotiate for a two-tier pay plan. 10. Labor market wage surveys are not used to ensure that a firm's wage structure is externally equitable. 11. Wage comparability is a fairly easy concept to apply to set wage rates for different jobs. 12. The monetary value of employee benefits provided by unionized employers exceeds the value of employee benefits provided by nonunion employers. 13. A Scanlon plan,...
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...com/BUS-405-WK-6-Quiz-5-Chapter-7-All-Possible-Questions-BUS4055.htm BUS 405 WK 6 Quiz 5 Chapter 7 - All Possible Questions TRUE/FALSE 1. The majority of private sector union contracts do not contain a cost-of-living adjustment (COLA) clause. 2. The majority of private sector employees participate in a profit sharing plan. 3. Most unions consider gain sharing plans as an adequate substitute for traditional negotiated hourly wage gains. 4. The global economy of today has made it easier for employers to pass labor cost increases on to consumers by raising product or service prices. 5. Skill-based pay sets the wage rate according to a job's title (type). 6. Wages and other economic benefits represent income to employees, costs to an employer, and a basis for tax revenue to the government. 7. The majority of private sector union contracts contain a two-tier pay plan. 8. Union leaders favor job evaluation more than managers for use in designing the wage structure. 9. If a union wishes to encourage solidarity within its membership at a particular firm, it should not negotiate for a two-tier pay plan. 10. Labor market wage surveys are not used to ensure that a firm's wage structure is externally equitable. 11. Wage comparability is a fairly easy concept to apply to set wage rates for different jobs. 12. The monetary value of employee benefits provided by unionized employers exceeds the value of employee benefits provided by nonunion employers. 13. A Scanlon plan,...
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...article (e.g. Globe and Mail, National Post, Ottawa Citizen) related to public finance or budgetary policy and identify and explain the relevant explanatory factors based on Simeon's framework. Article: How the minimum wage hike is playing out politically? http://www.cbc.ca/news/canada/toronto/tim-hortons-minimum-wage-ontario-election-1.4485045 In Studying Public Policy, Richard Simeon outlines his framework for public policy in which policy is seen “as a consequence of the environment, of the distribution of power, of prevailing ideas, of institutional frameworks, and of the process of decision-making” (Simeon, 1976, p. 566). Also, Simeon’s explanations should be seen as complementary as each explanation contributes to another as “policy emerges from multiple...
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...Salaries, State Collective Bargaining Laws, and Union Coverage Barry T. Hirsch, Georgia State University David A. Macpherson, Trinity University John V. Winters, University of Cincinnati Initial draft, June 2010 Current draft, December 2012 Abstract What are the causal effects of collective bargaining (CB) on teacher salaries? This seemingly simple question is difficult to answer because (a) national data measuring school district salaries and collective bargaining is limited in scope, while individual teacher data from the CPS mismeasure CB coverage; (b) union wage effects depend not only on coverage but also on an array of CB law provisions difficult to quantify; (c) union coverage and state CB laws are endogenous since each has been influenced by union sentiment among workers and voters; and (d) OLS estimates of the wage effect of CB coverage and laws may be biased by measurement error and endogeneity. We attempt to address these issues using measures of historical labor sentiment, by creating indices of CB law strength, and by using alternative national data sets containing information on teacher salaries and coverage. As in prior studies, we find modest union salary effects for teachers using standard methods, albeit smaller than found for the private sector. A union benefits premium estimated from SASS substantially exceeds the salary premium. Estimates of CB law and coverage effects using IV (with historical data measuring labor sentiment as instruments)...
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...MEASURE OF ECONOMIC WELFARE (MEW): HISTORICAL DEVELOPMENT OF MEW: In 1960’s, there started a widespread interrogation on the standard of living, traditional ethics and customs, and the ‘consumption oriented society’ in particular. In this general phase of rebellion allied with ancient and eroded institutions, morals and customs, and economic growth as evaluated by GDP became the center of objection and denial. Some critics claimed that economic growth may no longer be considered necessary as it does not enhance welfare. In response to these opinions, in 1972 William Nordhaus and James Tobin formulated Measure of Economic Welfare (MEW). Their main objective was not to form a welfare measure but an instrument to examine the extent of correlation between economic progress and well-being. According to the originators of this measure, GDP is a measure of production only and does not account for consumption. The ultimate target of economic affairs is consumption. So this measure has been formulated to crack down the inconsistencies associated with GDP and welfare. COMPOSITION OF MEW: Initially, the creators of MEW had to reorganize the components of GNP as outlays on consumption, investment and intermediates and its only consumption that boosts and influences welfare. Since the amount of output devoted in the renovation and replacement of capital goods do not adds up to the welfare, so it is subtracted from GNP giving NNP. Moreover, there are a lot of long-lasting goods, which...
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...Minimum Wage and the Working Poor HD 403 Poverty Spring 2012 Introduction It is believed one way to help the working poor is to increase the minimum wage to elevate their yearly income. But surveys and studies have shown that raising the minimum wage has done very little to help poverty rate. What it has done is eliminate jobs that the working poor filled and increased inflation. It seems to be an ineffective way to help the poor, a combination of other anti-poverty tools together would produce better results. Issue Each president has wanted to help those in poverty and the working poor in America. President Clinton increased the federal minimum wage to bring up the wages of the working poor. Is that the answer? What will happen when the federal minimum wage is brought up to $9.50 an hour? This article is looking into possibilities of what may happen with poverty and the working poor if the minimum wage were increased. The working poor are people in the workforce but wages still fall below the poverty level. The Fair Minimum Wage Act of 2007 has increased the minimum wage to $7.25 an hour (Rep. Miller, 2007). The Bureau of Labor Statistics reports in 2011, there were 73.9 million American workers age 16 and older were paid hourly wage. But only 1.7 million workers made minimum wage of $7.25 per hour and 2.2 million had wages below the minimum (USDL, 3/2012). The working poor looked like a person who had not graduated high school...
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...It can then be used as a basis for future planning and strategic management. The PESTLE analysis should be used to provide a context for the organisation’s/individual’s role in relation to the external environment. It covers Political, Economic, Social, Technological, Legal and Environmental factors. The process underpins many other analytical techniques, such as Scenario Planning. The factors can be at macro (e.g. World-, EU- or UK-wide) or micro (e.g. institutional or individual) level. For the purpose of the strategic planning regarding scope and scale of the exercise being undertaken as it affects the Department for Work and Pensions (Jobcentreplus); these factors are to be considered: * Which of the below are of most importance now? * Which are likely to be most important in a few years? * What are the factors influencing any changes? P (olitical)What are the key political drivers of relevance? | * Changes in power in government (e.g conservative, labour or collaboration. * Changes in government policies regarding, benefits, jobs, social services * Changes in legislation; e.g working hours, workplace adjustments, maternity allowance, minimum wage, working age etc | E (conomic)What are the important economic factors? | * Recession (affects amount of budget release which causes constraints in achieving set goals) * Inflation * Increase in cost of living (will affect benefit and customers may live below poverty line) | S (ocial)What are the...
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