Phelps ' opinion, of supporting low-income workers by giving them wage subsidies has some consequences when it is applied. He suggests application of tax credits to high earning employees and providing incentives to the poor so that they get chances of securing this job. If this plan is adopted, then some sectors will be affected including the market, the workforce, and some economic principles will be violated.
“Trade Can Make Everyone Bette...
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To address financial crises ones and for all, the causes of 2207-2008 crisis should be addressed meticulously as they have the potential of causing triggering such crises in future. The market structures should be carefully monitored and evaluated so that any risk are dealt with. The same should happen with policies and regulations that govern the operations of corporations. Governance is an important aspect that the companies and individual firms need to take care of with the strictness it deserves.
Rios, M. C., McConnell, C. R., & Brue, S. L. (2013). Economics: Principles, problems, and policies. McGraw-Hill.
Temin, P. (1997). Rewarding Work: How to Restore Participation and Self-Support to Free Enterprise. By Edmund S. Phelps. Cambridge, MA: Harvard University Press, 1997. Pp. Viii, 198. $24.95. The Journal of Economic History, 57(04), 976-977.
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