There Should Not Be a Maximum Wage That One Can Earn (Essay Sample)

There Should Not Be a Maximum Wage That One Can Earn Student’s Name Institutional Affiliation Course Instructor Due Date There Should Not Be a Maximum Wage That One Can Earn The concept of a maximum wage has been a matter of contention for many people around the world. Opponents believe that imposing a maximum wage is a breach of freedom and will obstruct people’s capability to acquire an equitable wage while advocates contend that capping salaries will assist in ameliorating the disparity in wages between the affluent and the destitute. Although there are several cogent arguments on both sides of the debate, there should not be a cap on the salary one can make. Imposing a maximum wage could have a deleterious effect on the economy. It would obstruct people’s aptitude to acquire a fair wage, disheartening them from exerting effort and pursuing their career objectives (Edmans et al., 2021). This could result in a diminution in productivity and a talent exodus, as talented persons may opt to take up occupations in countries with more lenient wage regulations. Moreover, it would impede companies’ capacity to reward their high-performing employees, potentially discouraging them from remaining with the organization. Thus, maximum wage could have a detrimental influence on the economy and should not be imposed. Some people, however, allege that a maximum wage could ameliorate the disparity between the affluent and the deprived. Nevertheless, research displays that the wage gap has been gradually escalating since the 1970s, despite the fact that a maximum wage has not been imposed (Bunge et al., 2022). The introduction of a maximum wage may only have a limited impact on the wage gap as it does not attend to the intrinsic causes of inequality, such as an absence of social mobility, unequal access to education, and discrimination. Therefore, it is conceivable that a maximum wage may not be efficacious in rectifying the wage gap. Consequently, there should be no cap on the amount of remuneration someone can earn. A maximum wage would not be effective in diminishing the wage gap a...