Economic Effects Of Child Labor

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ECONOMIC ACCOUNTS OF CHILD LABOR Various economic principles and perspectives have been employed to shed light on the issue of child labor. From a demographic viewpoint, children form an integral proportion of the global population. Child labor impacts both psychological and physical health of young people in society (Adeoye et al., 2017). In this respect, it is one of the most significant factors the influence death rate, population growth rate, and life dependency in many countries. It is true to project that the number of productive adults is likely to decline if the future generations are continuously subjected to forced labor and psychological trauma in their childhood. Health is another lens through which the problem of child labor can be viewed. Health economists posit that the perpetrators of child labor are gradually converting adolescents from being active producers of good health to passive consumers of health care services in the future. Arguably, passive consumption of healthcare services is no doubt one of the drivers of the ever-increasing annual healthcare expenditure globally. According to Krauss (2017), the aggregate labor productivity is a function of reward, skills, technology, and health of employees. This argument finds life in the classical view of labor supply and its contribution to the aggregate production function. Classical economists such as David Ricardo and Adam Smith maintained that the income of laborers forms an essential component of a
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