Sample Economics Paper on Living Wage Challenge

While Silicon Valley has been the engine of economic development over the past few
decades, the wealth is not distributed equally in its occupants. Like the majority of the workers in
Silicon Valley, the outcomes of the living wage challenge indicate a lower performance than
workers after the major recession. The middle class is the hardest hit with decreased earnings
after inflation. Like those at the lowest ring income ladder, wages are too low. The main
contributor to the low-wage outcomes is the widening income disparity in Silicon Valley; the
winner takes all the information technology economy dynamics that inspire high tech companies
to constrict space for many others and the outsourcing of more job roles. However, like many
workers in Silicon Valley, the income provides a living wage. Consequently, employees and
residents of the Silicon Valley can cater afford basic needs, such as clothing, housing, feed, and
other necessities.
The Silicon Valley task force falls into three economic classes: lower, middle, and upper
class. The economic situation in the region has enabled stratification as an hourglass economy,
one where the socioeconomic aspects favor disproportionate growth f the upper and lower class
while comparatively weakening the development of the middle class. Since the great recession,
the median wages for lower-skilled occupations, including those in transportation, construction,
and service industries, have substantially decreased. In contrast, the proportion of high-income
earners has risen during the same period. Approximately a third of the region's households earn

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little than the self-sufficiency standard, the bare minimum necessary to cater for basic expenses
void of private or public interventions. In this note, it is apt to conclude that although money is
not everything, it is a very important element. Besides the basic providence, money is important
to achieving life goals and supporting the things we care most deeply about, including education,
family, healthcare, adventure, charity, and leisure. Money is critical because it grants more
control over life, greater freedom to craft one's path and fewer constraints on one's choices.
Irrespective of one's prevailing economic situation, there are various steps individuals
and communities can adopt to enhance their economic standing. Most critical, advances in
education are vital for economic development. Learning technical and professional skills
enhance employability in different sectors, creating opportunities for economic growth. The
capacity to take up jobs in various sectors can boost one's economic situation and spur advances
and independence. While there is some truth in the negative connotations of money, it ultimately
affords to power to determine how to use it. Although money is not everything in society, it can
be vital to help individuals and households to attain goals besides letting one have the best of the
short life available.
Although not adequate, governments institutions are trying their best to spur economic
growth for the population. Although boosting growth has been the standard way of creating
opportunities and raising the living standards for citizens, governments should intensify
initiatives to equip populations better to navigate the employment world to most effectively
boost economic growth and development. Previous experiences indicate that the elimination f
disparities alone are not enough to assure quality life; an upgrade of social contracts and better
equipment for citizens will enable them to navigate the world of opportunities to boost their
economic development and growth effectively.