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- Explain how Marx's principle may or may not apply to today: - capitalism survives by exploiting the workersMarx writes that “labour itself, … insofar as its purpose in general is the mere increase of wealth … is harmful and pernicious.” What does he mean by that?Locke’s view that labor creates property rights has been influential in the U.S) True False
- Why are labour markets imperfect?Give five reasons.In a market economy, the compensation of labour is determined by the interaction of demand and supply in each labour market, relative compensation by the interaction of relative demand and supply. A higher price for labour leads to a higher quantity of labour supplied, a lower price leads to a lower quantity supplied and prices and wages help coordinate economic activities. Do you agree this statement if so Why?Are labor unions and technological improvements complementary? Why or why not?
- Which situation fits Marx's description of the condition of workers in capitalist economies? a. A worker updates her resume to be ready for an unexpected layoff. b. A worker benefits from a mentor's advice as he works toward a desired promotion. c. A worker with chronic illness stays in an unwanted job to receive health insurance. d. A worker receives shares of company stock in exchange for exemplary work.How will each of the scenarios affect market labour? Options for questions are in the photos attached.Whatever aspects of the division of labour do Karl Max and Adam Smith have in common?
