Labour Economics

where comparable to men’s work must receive equal pay; Equal pay for work of equal value is

Through the industrial revolution alienation in the workplace has been a prominent issue that workers face due to the labour process. In a capitalist workplace, managers control the means of production giving workers little say to how they work. With the invention of scientific management, employers plan out the best way for workers to complete a task in the timeliest manner. The labour process is designed to maximize profit with little room for error or time wasting. The power employers hold over workers shows that workers are employed not on the basis of their skill but in order to follow rules. When workers are treated this way they can often be looked at as a commodity that can be replaced in an instant, further alienating them from the job at hand. Through this labour process workers are lacking in skill and the jobs themselves are

According to the Mainstream Economics school of thought, there is not a labor problem, in their eyes there might me a labor situation which will work itself out naturally. Having no problem with labor, there would be no solution, having nothing really change the Mainstream Economics school of thought. The ‘mosquito' in the Human Resources school of thought is poor management, and if management can be improved then employees will feel more appreciated better wages will follow due to the realization of the value of the employee. Therefore, employees will be happier in the workplace increasing productivity. In the Human Resources school of thought, the improvement to management will create a balance between efficiency, equity, and voice. In the Industrial Relations school of thought, the labor problem is blamed on the unequal bargaining power given to large corporations and so little given to the individual workers. Industrial Relations' solution to such inequality of bargaining power is to increase workers bargaining power through organized unions to create collective bargaining. In a different scenario the cause of the labor problem lies with the control of societal institutions and the means of production for the benefit of certain classes; this is through the lens of Critical Industrial Relations school of thought. This extreme school of thought calls for an extreme solution; being that there should be a significant restructuring to the nature of capitalism. Critical Industrial Relations is the most extreme thinking and is sometimes referred to the Marxist school of

* Salary – This is your basic hourly rate which you will be paid per hour you work not including breaks

A curve showing the different quantities of labor [workers] are willing to offer employers at different wage rates in a given time period, ceteris paribus.

The vantage point of paying everyone equally, regardless of race, gender, religious and/or sexual preference may seem as an obvious option as we are all created equal. The vantage point of paying a person what they are worth, what type of experience they may bring to the table, or what value they could potentially add also provides a sensible solution to paycheck discrepancies. Bridging the gap between understanding what value a person can provide and valuing the person is the debate which is quite emotional and full of

Majority of the people believe that workers should be paid the amount that they are worthy of getting paid. In a free-market economy, the salaries of different persons should be different. For example, the salary of a 16 year old boy should not be similar to a 30 year old lady or single mother. There should be some

These both tend to describe certain aspects of wages and salaries as they relate to the benefits extended to employees.

minimum wage today in the twenty first century, we can see the changes that occurred due to the labor

Wages should be adjusted based on; the different skills needed, amount of effort, responsibilities of the individual, working conditions, and establishment.

Under the Income Tax Assessment Act 1997, S 6-5(1), assessable salary incorporates common income and statutory income (S 6-10). Assessable salary is comprised of two incomes, which are; (1) Amounts which are "pay" inside of the standard importance of that word; and (2) Amounts which aren't usually considered as salary, however which Tax Law says will be burdened as though the sum is pay (statutory income). Section 6-10 states that a man's assessable pay additionally incorporates different sums (that are not common salary) but rather which are "incorporated in your assessable income by procurements about assessable pay." In the Tax Law, this is called "statutory wage." Pay is sorted into three wide criteria: (1) Income from individual administrations and work (compensation). (2) Income from business (exclusive business). (3) Income from property.

A person's supply of money is usually affected most by their pay. People can get paid in a number of ways. Employees who work for hourly wages get paid by the hour. The amount earned depends on the number of hours the employee works. For instance, if Manny is paid $10 an hour at the restaurant, the amount he gets paid will depend on how many hours he works. If he works 30 hours over two weeks, his monetary income will be $300 for those two weeks. However, hourly employees are not always in control of the number of hours they work. Their employer may schedule them only a certain number of hours, or there may be legal restrictions on the number of hours they can work.

Chapter 1 (1.2 Question 4): How do business cycles and the health of the economy affect the value of your labor? In terms of supply and demand, what are the optimal conditions in which to sell your labor? How might further education increase your mobility in the labor market (the value of your labor)?

As society continues to evolve over years, each country of the world will be developed more rapidly than before. In such cases, there will be some fierce competitions between countries, and these oppositions have related to some phases, such as its global economy and social lifestyles of its citizens. Countries have more oppositions with each other in the aspect of its labor and economy than any other features. In previous years, enough labor forces could support the growth of the national economy of a country because they had available jobs to do. Nevertheless, the demand of the labor and economy is different than what it’s used to. The population has surpassed the acceptable size, and industries in the labor force are surplus. For the moment, technology, skills, and machinery have become the trend of the global economy.

2. For the purpose of this article, "pay" means the ordinary basic or minimum wage or salary and any other consideration, whether in cash or in kind, which the worker receives directly or indirectly, in respect of his employment, from his employer.<</p>