Arizonans have elected to increase the minimum wage twice since 2006 via ballot measures while lawmakers doubt that increasing the minimum wage positively affects workers. We conclude that a 1% increase in the minimum wage will on average produce a 1.13% increase in per capita income in Arizona. While at the same time, a 1% increase in the unemployment rate will produce a 5.1% decrease in per capita income and a 1% increase in the inflation rate will produce a 3.7% decrease in per capita income.
Estimates suggest that the United States comprises up to 80% of total global medical innovation. This is because the U.S. has a unique lack of price regulation on drugs, allowing pharmaceutical companies to thrive. However, leaders across the political spectrum including Clinton, Sanders, and Trump have been proposing the implementation of price controls on the pharmaceutical industry to slow rising drug prices.
Since the late 1800s, the U.S. has implemented three main laws in an attempt to combat anticompetitive business practices. These three pieces of legislation are known as “antitrust” laws because they helped to dissolve some of the large trusts of the 1800s.