Write a paper on Government Intervention

Write a paper on Government Intervention“President Harry Truman famously joked that he wanted to hire a one-armed economist because all of his staff economists would resort to “on the one hand… but on the other hand…” formulations when giving policy advice. Truman just wanted a straight answer. Today, policymakers and the public also seem to want a one-armed economist in discussions of the minimum wage. Minimum-wage policy in the United States is made at the federal, state, and local level. The federal government imposes a minimum wage nationally (currently $7.25 an hour for most workers) that Congress can raise. Many states and even local governments set minimum wages that are higher than the federal minimum. One group of well-regarded economists contends that increases in the minimum wage reduce employment by raising labor costs, while another group insists the evidence shows that minimum-wage increases do not reduce employment, likely due to factors such as reduced turnover, increased productivity, and small price increases. Responsible economists understandably mention both strands of the literature. Nevertheless, it would be helpful if there were some way to determine which side has the more persuasive case, something a little closer to Truman’s one-armed economist.” Retrieved form The Importance of Study Design in the Minimum-Wage Debate Report
All, will raising minimum wage to $15, would it have any effect on employment?