Context In 2021, the New Zealand minimum wage rose to $20 per hour, which is amo

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Context In 2021, the New Zealand minimum wage rose to $20 per hour, which is among the highest minimum wages in the OECD. In your earlier studies in Economics, you will have learned about the advantages and disadvantages of price floors in competitive markets. In Econ152 you learned about different methods of viewing distribution of income and how minimum wage impacts on pay-gaps and income distribution. Task Place yourself behind the “veil of ignorance” and consider whether you would prefer to work in a country that pays a mandated minimum wage of $20 per hour, or whether you think this mandated minimum wage should be higher or lower than $20 per hour. State what kind of minimum wage (if any) you would prefer to be in place and explain the reasoning behind your decision. Hint: in providing this reasoning, remember, from behind the veil of ignorance, you do not know who you will be in society, including what your skills, aptitude and initial conditions (family wealth, etc.) will be. You should consider the potential costs and benefits to you of being in a country that pays the minimum wage (if any) which you have selected. Maximum words = 700 (This is an absolute maximum. An answer between 500 and 700 words is acceptable).

 

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