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"A fair day's pay for a fair day's work" vs "Abolition of the Wages System", One Big Union, May 1919 A fair day's wage for a fair day's work is an objective of the labor movement, trade unions and other workers' groups, to increase pay, and adopt reasonable hours of work.
The AFL had one guiding principle—"pure and simple trade unionism", often summarized with the slogan "a fair day's pay for a fair day's work." [ 1 ] The IWW embraced two guiding principles, fighting like the AFL for better wages, hours, and conditions, but also promoting an eventual, permanent solution to the problems of strikes, injunctions ...
In Marxist and anarchist theories, the labor aristocracy is the segment of the "working class which has better wages and working conditions compared to the broader proletariat, often enabled by their specialized skills, and in a global context by the exploitation of colonized or underdeveloped countries.
The right of workers to collectively bargain with employers for a "fair day's wage for a fair day's work" is regarded as a fundamental right in common law, [244] by the European Convention on Human Rights article 11, [245] and in international law. [246]
Optimal efficiency wage is achieved when the marginal cost of an increase in wages is equal to the marginal benefit of improved productivity to an employer. [2] In labor economics, the "efficiency wage" hypothesis argues that wages, at least in some labour markets, form in a way that is not market-clearing.
Economic history shows a great variety of ways, in which labour is traded and exchanged. The differences show up in the form of: Employment status – a worker could be employed full-time, part-time, or on a casual basis. They could be employed for example temporarily for a specific project only, or on a permanent basis.
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The fair-wage hypothesis suggests that the effort put forth by a worker is proportional to the fairness of her wage, as compared to other workers within the firm. Accordingly, if executives of a given firm are compensated much more highly than the firm's unskilled workers, the unskilled workers will exert a lower level of effort. In equilibrium ...