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All Canadian provincial governments have legislated minimum wages. What broader social goal is being met in...

All Canadian provincial governments have legislated minimum wages. What broader social goal is being met in this case?

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Answer #1

Minimum wages are meant for broader goal of economic growth and stability in inflation.

Minimum wages bring about rise in disposable incomes and thus consumption rises and so does discretionary spending. This helps growth in aggregated demand and thus real GDP and prices both rise.

Moreover national income gets a fillip and so does lead to better standards of living.

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