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The value of labour power is thus a historical norm, which is the outcome of a combination of factors: productivity; the supply and demand for labour; the assertion of human needs; the costs of acquiring skills; state laws stipulating minimum or maximum wages, the balance of power between social classes, etc.
When labour supply exceeds demand, salary faces downward pressure due to an employer's ability to pick from a labour pool that exceeds the jobs pool. However, if the demand for labour is larger than the supply, salary increases, as employee have more bargaining power while employers have to compete for scarce labour. [5]
From a Marxist perspective, a labour supply is a core requirement in a capitalist society.To avoid labour shortage and ensure a labour supply, a large portion of the population must not possess sources of self-provisioning, which would let them be independent—and they must instead, to survive, be compelled to sell their labour for a subsistence wage.
Like the National Labor Union, it was a federation of different unions and did not directly enroll workers. Its original goals were to encourage the formation of trade unions and to obtain legislation, such as prohibition of child labor, a national eight-hour workday, and exclusion of Chinese and other foreign contract workers. [33] [34]
The lump of labor fallacy is also known as the lump of jobs fallacy, fallacy of labour scarcity, fixed pie fallacy, and the zero-sum fallacy—due to its ties to zero-sum games. The term "fixed pie fallacy" is also used more generally to refer to the idea that there is a fixed amount of wealth in the world. [ 4 ]
From auto production lines to Hollywood, the power of labor unions is back in the national spotlight. Union membership rates have been falling for decades due to changes in the U.S. economy ...
There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
why would the government shut down? The president-elect is also urging lawmakers to approve more government borrowing by addressing the nation's debt ceiling before he takes office on Jan. 20.