Context:

In a "Principles of Macroeconomics" class, the instructor, Professor Smith Jones, assigned an online "Essay" to be submitted and asked the students to analyze an "article" on the minimum wage policies written by Ben Casselman and Lydia DePillis. The minimum wage topic was also explained by the class's "textbook" (i.e., Principles of Macroeconomics, Third Edition, by OpenStax).

Professor Jones instructed his students to analyze the article under consideration with respect to the textbook materials, and then write their inputs and submit it in a Dropbox. He provided specific grading rubrics for the minimum wage essay and informed the students on how he would be grading their work.

One of his students, Susan Kalanti, has submitted her essay and named it "Susan's Essay."

Your job:

Your job in this project is to help Professor Jones to fairly grade the essay named "Susan's Essay" following the rubrics that he has provided.

Below, you find three PDF files that show the professor's assignment, the published article, and the student's essay.

• The-Assignment.pdf (By Professor Smith Jones, which has the rubrics provided by Professor Smith Jones that Susan should follow in her essay)
• The-Article.pdf (By Ben Casselman and Lydia DePillis, the article's writers)
• Susan-Essay.pdf (Susan's Essay, By Susan Kalanti, the student)

Project Instructions:

• Do not grade Susan's Essay. You only help the instructor grade Susan's Essay, which means:
• You do not give your "general" feedback(s) on Susan's Essay, like if her work is well done or not!
• You need to check the validity of Susan's statements and claims in her essay, statement by statement.
• Do not miss a single claim or statement in Susan's essay. (p.s., a certain "claim" made by Susan may involve multiple "statements"). For example, if Susan says that the textbook is in favor of increasing the minimum wage, you have to check if the textbook is actually in favor of raising the minimum wage or not. Another example, if Susan says that the minimum wage has to go down, then you need to evaluate her claim using your read from the article, and from the textbook.
• IMPORTANT: Be reliant on the grading rubrics in Professor Smith Jones's assignment.
• When you help the professor by analyzing Susan's Essay, statement by statement, check whether each statement or claim made by Susan is true, false, valid, invalid, logical, or illogical (with explanation).
• IMPORTANT: Write each statement or claim you analyze (from Susan's Essay) in bold text (bullet points), and below it, generate a analysis in non-bold text. This requirement is strictly enforced.
• Make sure you do not miss analyzing and explaining any statements and claims made by Susan.
• MOST IMPORYANT: You will need to carefully read the "article on the minimum wage policy" and the "textbook on the policy in which the minimum wage is an example for" in order to validate Susan's arguments in her essay. It is essential here that you use the exact vocabulary provided in the textbook when checking if this type of intervention always makes a difference in the market, or not! In here, ask yourself, the minimum wage is an application of what type of government intervention as explained in the textbook? And under what condition(s) this policy can make a difference in the market?
• Important: The actualminimum is the minimum number of words of your analysis, excluding statements from Susan's Essay you rewrite in your submission. In other words,copying the statements from Susan's Essay in your submission doesn't count when counting the number of words in your project.
• Again, you do not need to work on this project in an essay writing format; you just list - in Bold - the statements and/or claims made by Susan and generate a analysis under each statement/claim. Bullet points are fine, too.

SAMPLE SUBMISSION:

Student Name:

Class Name:

Term Project Submission File

1. The article " In a Hot Job Market, the Minimum Wage Becomes an Afterthought" by Casselman and DePillis (2023, August 23) analyzes the minimum wage topic deeply from all aspects, political aspects, social aspects, and economic aspects.

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1. It argues that if the federal minimum wage remains at the current level, the net effect will be positive towards all industries in the economy. By positive here, I mean good effect from all aspects, social, economic, and political.

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1. The textbook (Principles of Macroeconomics, 3^rd Edition, by OpenStax), reasons merely the same outcome, that the minimum wage is typically necessary for all states in the US.

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1. The article additionally places the interest of higher standard of living for all Americans and how the current minimum wage helps in that direction.

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1. Since the standard of living is measured by how much money people make as incomes,

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1. it is known from the economic theory, that economies with higher average gross salaries always maintain a higher standard of living than those with lower ones.

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1. Still, I am convinced that the State of Texas should significantly increase its minimum wage to further help the fast-food industry feel much safer,

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1. especially for those businesses that undercompensate their employees, where the higher minimum wage should empower those businesses to be fair to their employees and help them having a livable wage.

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1. Proven by the textbook, the minimum wage is a safe policy for any business in the US due to the numerous advantages and the insignificant disadvantages,

This statement is ??????? ?????? ????? ??????? ?????? ????? ??????? ?????? ????? ??????? ?????? ????? ??????? ?????? ????? ??????? ?????? ????? ??????? ?????? ????? ???????

1. especially that there are no policies that can replace the minimum wage.

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1. As the minimum wage affects labor markets of all occupations in the same weightiness, the Texas minimum wage has to increase significantly to lift up the well-being of all Texans.

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1. Finally, to support my opinion, in the low-skill job market, any minimum wage above the current federal minimum wage must be an unbinding floor wage since the federal minimum wage is always set to be higher than the Texas equilibrium hourly wage.

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CONTEXT TO ASSIST YOU:

The Assignment By Smith Jones Professor of Economics Article: Casselman, B. & DePillis L. (2023, August 23). "In a Hot Job Market, the Minimum Wage Becomes an Afterthought." The New York Times, Economy. Retrieved November 1, 2023, from https://www.nytimes.com/2023/08/23/business/economy/minimum-wage.html Textbook: Textbook Title: Principles of Macroeconomics Edition #: 3 Author(s): Eric Dodge, Cynthia Gamez, Andres Jauregui, Diane Keenan, Amyaz Moledina, Craig Richardson, and Ralph Sonenshine. Publisher: OpenStax Year: 2022 (December 14) ISBN-13: 978-1-9516-9364-0 Notes: Free download from the following link: https://assets.openstax.org/oscms-prodcms/media/documents/Macroeconomics3e-WEB.pdf Essay Requested (Prompt Question): Apply the minimum wage concept of the article and the textbook (under the price floor policies) with respect to the questions inside the following box: From a purely economic perspective, should the State of Texas increase its Minimum Wage? Support your writing by the pros and cons of your opinion. Follow the following instructions, strictly! Essay must analyze the policy explained in the textbook, that the minimum wage is an example for. DO NOT GET SOCIALIZED OR DRAGGED INTO POLITICS IN WRITING THIS ESSAY. ONLY FOCUS ON THE ECONOMIC IMPACTS. Do not show personal bias toward increasing or decreasing the minimum wage Do not claim wrong arguments. Do not claim strong uncited arguments that are not proven valid in the literature on the minimum wage policy. Your essay should not just agree or disagree with the article and/or the textbook (example, you cannot just say it is a good article, I completely agree, or I disagree). Demonstrate a clear understanding of the article being discussed. Demonstrate a clear understanding of the textbook's chapter(s) covering the minimum wage policy. Demonstrate a clear understanding of all aspects related to the analysis of the price floor policy and the analysis of the minimum wage policy discussed in the textbook. The textbook's analysis of the minimum wage is considered a specific type of intervention that does not always process a difference in the market. All essays need to be explicit on the condition in which such policy can or cannot process a difference in the labor market. Only analyze the article's claims that are different from the textbook's claims. If the article is an agreement with the textbook on all what is related to the minimum wage policy, then do not analyze the article's claims. Highlight any added information in the article that is not explained in the textbook, if any! Do not make strong claims that are not supported by the textbook's analyses regarding the minimum wage explicitly, or in general the policy in which the minimum wage is an example for. Grading Rubrics: The numerical grade that will be granted to the essay will depend on the accomplishment of the following requirements: 1. Properly (accurately) answered to the prompt question in the box above. 2. Strictly followed the instructions on this assignment.

Susan's Essay By Susan Kalanti The article " In a Hot Job Market, the Minimum Wage Becomes an Afterthought" by Casselman and DePillis (2023, August 23) analyzes the minimum wage topic deeply from all aspects, political aspects, social aspects, and economic aspects. It argues that if the federal minimum wage remains at the current level, the net effect will be positive towards all industries in the economy. By positive here, I mean good effect from all aspects, social, economic, and political. The textbook (Principles of Macroeconomics, 3 rd Edition, by OpenStax), reasons merely the same outcome, that the minimum wage is typically necessary for all states in the US. The article additionally places the interest of higher standard of living for all Americans and how the current minimum wage helps in that direction. Since the standard of living is measured by how much money people make as incomes, it is known from the economic theory, that economies with higher average gross salaries always maintain a higher standard of living than those with lower ones. Still, I am convinced that the State of Texas should significantly increase its minimum wage to further help the fast-food industry feel much safer, especially for those businesses that undercompensate their employees, where the higher minimum wage should empower those businesses to be fair to their employees and help them having a livable wage. Proven by the textbook, the minimum wage is a safe policy for any business in the US due to the numerous advantages and the insignificant disadvantages, especially that there are no policies that can replace the minimum wage. As the minimum wage affects labor markets of all occupations in the same weightiness, the Texas minimum wage has to increase significantly to lift up the well-being of all Texans. Finally, to support my opinion, in the low-skill job market, any minimum wage above the current federal minimum wage must be an unbinding floor wage since the federal minimum wage is always set to be higher than the Texas equilibrium hourly wage.

ARTICLE WEBSITE : https://www.nytimes.com/2023/08/23/business/economy/minimum-wage.html