Should there be a maximum wage as well as a minimum wage?

The economic answer to both of those is no.

Maximum Wage: If you create a maximum wage, many people will be discouraged from working since they can't make as much and the supply will go down increasing wages, but decreasing supply so consumers will pay more.

Minimum Wage: Minimum wage may improve the financial condition of people with a job, but it decreases employment. Since the price of hiring another employee increases, employers demand less employees thus unemployment increases.

Plus, it causes a markets resources to be allocated more inefficiently, the opposite idea of a Free Market.

Ethically: This is debatable. For the most part, employers will pay fair wages as they must compete with other employers. However, people will do anything for money and if there was no minimum wage, they may take a less than fair pay for the work they do. As for maximum wage, I personally believe that this would be a bad idea because when people work hard, they should be able to earn what they worked for.

in the start, there are a range of professions in which it really is all the way down to the man to barter his gross sales. If there's a maximum salary which could be paid, workers isn't waiting to barter their worth and the country hazards dropping him to a us of a it truly is raring to pay his worth. Secondly, if there's a maximum salary which could be paid, this received't consider length of provider. once you're earning the utmost salary, you received't get anymore not count how not worry-free you artwork. The company then loses any capacity incentive to make the worker artwork harder. The minimum salary replaced into really extra about so as that workers had a adequate income to live to inform the tale, now to not reduce marketplace forces on the laborers worth.

I believe there ought to be, one reason for this recession must be that so much money is sitting in the banks of people who have far more money than they know what to do with!

I wouldn't take the communist route and just stop them from being able to have a high wage, but something like £2million for one job in one year should be more than enough. If they need more, have two jobs! (then again politicians would be claiming to have fifteen jobs or something... hmm. It needs tweaking.)

I think morally there should be. Or should the rich be taxed more. Look at footballers, they kick a ball of air round and get hundreds of thousands of pounds a week for it, and then don't stop moaning. I don't think there should be a maximum wage, i believe the rich should pay more tax.

well bonuses should definitely be capped , we have tried the free market and look where that got us,I am not saying every one should be payed the same but the gap between the rich and the poor is sickening. The frightening thing here is every one who is defending the free market here is probably up to their eyes in debt with either mortgage or credit cards or hire purchase and lining the fat cats pockets and cannot see that we cant even live normally without getting into huge debt while a small percentage of people have more money than they can ever spend

Then who then would want to run Fortune 500 corporations, or be movie or pop stars after all? As for a minimum wage, well; that's definitely more debatable. I have no easy answer for the latter then.

Yes, our county councillor is paid 200,000 a year, what she does for that I will never know, but it seems indecent to pay some these monopoly money wages when others struggle to survive.

Why should a footballer get paid £100,000 a week when all they do is kick a football around for an hour and a half. And say a nurse who is helping someone wouldn't get that in 5 year!

SHOCKING!

A star for your question.

There is surely something wrong when a man who kicks a football around gets paid more in a week than our Prime Minister gets in a year.

I would love to see it, but I don't think it's gonna happen in my life time.....

No, because that would limit how much someone could make. You'd be traveling down the road to socialism in that case.