Search results
Results from the WOW.Com Content Network
Its use can be traced back to the late 19th century and Francis Amasa Walker's 'residual claimant theory', [3] which argues that in the distribution of wealth among profits, rent, interest and wages, the laborer is the residual claimant and wages the variable residual share of wealth, thereby going against the established view of profits as the ...
He argues that the lack of worker power caused wage suppression, increased wage inequality, and exacerbated racial disparities. Notably, mechanisms such as excessive unemployment, globalization , eroded labor standards (and their lack of enforcement), weakened collective bargaining , and corporate structure changes that disadvantage workers ...
The Theory of Wages is a book by the British economist John Hicks, published in 1932 (2nd ed., 1963). It has been described as a classic microeconomic statement of wage determination in competitive markets. It anticipates a number of developments in distribution and growth theory and remains a standard work in labour economics. [1]
The wage–fund doctrine is a concept from early economic theory that seeks to show that the amount of money a worker earns in wages, paid to them from a fixed amount of funds available to employers each year , is determined by the relationship of wages and capital to any changes in population.
Equity theory is a more socialised approach toward understanding the effects of vertical pay dispersion in an organisation, than tournament theory. [32] Equity theory is based on the idea that individuals will evaluate the perceived fairness of their workplace or job by assessing the ratio of their work inputs to the outcomes they receive.
The view that the state should supplement the income of the poor has a long history (see Universal basic income § History). Such payments are called benefits if they are limited to those who lack other income, or are conditional on specific needs (such as number of children), but are called negative taxes if they continue to be received as a ...
Wage differences exist, particularly in mixed and fully/partly flexible labour markets. For example, the wages of a doctor and a port cleaner, both employed by the NHS, differ greatly. There are various factors concerning this phenomenon. This includes the MRP of the worker. A doctor's MRP is far greater than that of the port cleaner.
The first book of The General Theory of Employment, Interest and Money is a repudiation of Say's law. The classical view for which Keynes made Say a mouthpiece held that the value of wages was equal to the value of the goods produced, and that the wages were inevitably put back into the economy sustaining demand at the level of current production.