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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 ...
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.
According to Alexander Gray, [5] Ferdinand Lassalle "gets the credit of having invented" the phrase the "iron law of wages", as Lassalle wrote about "das eiserne und grausame Gesetz" (the iron and cruel law). [6] According to Lassalle, wages cannot fall below subsistence wage level because without subsistence, laborers will be unable to work.
While many workers fear that automation or artificial intelligence will take their jobs, history has shown that when jobs in some sectors disappear, jobs in new sectors are created. [1] One example is the United States, where a century of increasing productivity and technological improvements changed the percentage of Americans employed in the ...
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]
In all but a handful of states, employers are allowed to pay tipped workers below minimum wage — in some cases as little as $2.13 per hour — as long as they make enough in tips to earn the ...
In Marxist theory, those workers (proletarians) in the developed countries who benefit from the superprofits extracted from the impoverished workers of developing countries form an "aristocracy of labor". According to Lenin, companies in the developed world exploit workers in the developing world where wages are much lower.
In 2015, the company privately settled a lawsuit brought by a former employee, Ayries Blanck, who alleged a "hostile work environment, sexual harassment, failure to pay minimum wage and ...