Is there a need for a minimum wage?

Seminar paper from the year 2017 in the subject Economics - Job market economics, grade: 1, University Lutheran Church (Business Administration), course: Global Economy, language: English, abstract: Is there a need for establishing a minimum wage? Is it true that such development often hurts the group of workers who are supposed to be benefiting from the establishment of such wage standards? To establish the same vocabulary, we will first define "minimum wage", and will make a clear separation to "living wage", since these two terms are often confused. After this we will proceed with the description of our research question what will lead us to the theoretical background and our empirical analysis.