LABOUR ECONOMICS
Q2. Define “Labour Economics”. Explain the nature and scope of Labour Economics. Explain the characteristics of Labour? Labour Economics:-
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“Labour Economics may be defined as a study of the organization, institutions and behavior of the labour market in an industrising or industrial economy”. According to Dole Yoder:“Labour economics or manpower economics is primarily concerned with efficient utilization and conservation of manpower and resources. It studies and seeks to understand the processes by which manpower is applied and utilized in modern society. It is concerned of natural resources in the land”. Scope of Labour Economics:Labour economics has to deal with may be stated as manpower planning, labour
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7. The marginal productivity of labour is comparatively less than capital. 8. Finally, labour is a living thing and that makes all the differences.
LABOUR ECONOMICS(Page 3) Name : (PL. FILL IN), Enrolment No.( PL. FILL IN)
Q3.
What is meant by the term wages? How would you distinguish between ‘Nominal Wages’ and ‘Real Wages’? Explain the factors influencing real wages. Wages:-
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The price paid for the services of labours in production is called wages. The labourer is generally paid a certain sum of money per day or week or month. Beham defined a wage as “A sum of money paid under contract by an employer to a worker for services rendered”. However, in economics, payment made for all kinds of services, whether by way of salaries or in any other way is included in wages. Differences between Nominal wages and Real wages:Nominal Wages:The amount of money that a labourer gets in exchange of his services is called money wages or nominal wages. If a labourer gets Rs.200, a day for his work, his money or nominal wages will be Rs. 200. However, mere money payment does not reflect the real earnings of the labourer. They do not reveal the standard of living or the goods and services which labourer can buy and consume. Real Wages:The amount of goods and services that labourer can get with his nominal wages is called real wages. Real wages refer to the goods and services, which the money wages can buy, and advantages and disadvantages associated
2. A livable wage covers expenses such as food, clothing, transportation, and healthcare, and child care. In a 2015
A corporate business enterprise is established under a specific legal framework where laws governing the operations and functioning of the enterprise are outlined. The activities of the enterprise are monitored and therefore such an enterprise is recognized by law. This is important due to the fact that legal suits can be filed by the enterprise within the provisions of the law.
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
“The Labor Market and Minimum Wage and GDP and GNP” Please respond to the following:
Despite the city’s positive response to the coffee shop’s renovation, other businesses in the area have not followed suit in renovating the many decrepit buildings and abandoned lots. How might the presence of an externality be in part the cause of this?
Now I shall analyse the impact of the national minimum wages act 1998 on the 2 employment contracts of the company New Forrest logistics. This act is an important piece of legislation that the company is advised to follow very closely. This act sets the minimum wage levels an employee is entitled to per hour in accordance with the age group the employee falls under. The current wage of those falling under the group of 21 and above is £6.08 and that falling under the group of 18 to 20 is equal £4.98. This legislation will obviously have an impact on both the contracts of employment drawn by New Forrest logistics as they will have to state in the contract what wages they will pay the concerned employees. Thus they will need to ensure that they abide by the act and pay the employees the correct wages in accordance with the age group. If they violate the legislation, they will be liable legal action.
In this paper I will introduce the concept of minimum wage and a few of the laws that govern wage rates within the United States. I will also discuss some of the idea of both the support and opposition to minimum wage. I will also introduce some United States companies who have made the decision to raise their own minimum wages, why they made the decision to do so, and the changes and expectations they have as a result. Raising minimum wage for a company is not easy, and what to raise it to is harder, but for many companies, it is a good idea. In this paper, I will explain why.
Persuasive Research on Minimum Wage Lee Prutsman Sarah Hannaway Expository 200 April 1, 2013 All About the Dollar Many Americans have very different beliefs on how our country should be ran, and one of the most important and most frequently asked questions ties along with money. Our dollar allows us to buy the luxuries...Premium 1002 Words 5 Pages
In this globalization era, as various countries see growth in their economy, there has also been significant differences in the wages set to employees in different countries. The lowest wages set by the law that are fixed to a particular amount which is also defined to be the price floor below which workers shall not sell their labor, has its own effects. The minimum wage law came into force as a matter of social justice amongst the low-wage workers, also to reduce exploitation and see that workers can afford the standard basic living expenses and necessities, not to increase the unemployment rate, indeed to increase the employment rate.
The term, “minimum wage” refers to a lowest payment that an employer is bound to pay to its workers. Today minimum wage is made compulsory in more than ninety percent of nations including Canada where workers are demanding to increase minimum wages for a long time. Minimum wages are revised by governments in order to met growing needs of workers. There is a difference of opinion on the issue of increasing minimum wages among people of Canada. Employers and employees also have difference views on the issue of increasing minimum wage. This paper intends to discuss the issue of minimum wage along with discussing pros and cons of increasing minimum wages.
How do your wages stack up? The ongoing debate between “Will any minimum wage raise be enough?” and “What amount of wages will be sufficient to support oneself?” Minimum wage is the lowest rate an employer can legally pay their employee. Living wage is the rate of payment that can maintain a normal standard of living.
The National Labor Relations Act (NLRA) started in July 1935 to protect the rights of employees, rather, they be union or nor-union employees (Pozgar, 2012). The employees are protected under the Act or may employ in bubble-like, rigorous goings-on in situations other than the customary union organizations and cooperative bargaining. The National Labor Relations Board regulates the employers from interfering with the rights of the employees to implement or organize and join with a groups that offers assists with collective bargaining purposes like organization union or joining one (Pozgar, 2012). The employer may not restrain, coerce or stop employees
This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.
6. NI is composed of a number of categories. What category makes up the largest portion of NI?