1. 13. The Industrial Disputes Act extends to whole of
India and applies to every industrial
establishment carrying on any business, trade,
manufacture or distribution of goods and services
irrespective of the number of workmen employed
therein
14. Every person employed in an establishment for
hire or reward including contract labour,
apprentices and part-time employees to do any
manual, clerical, skilled, unskilled, technical,
operational or supervisory work, is covered by
the Act.
2. 15 This Act though does not apply to persons mainly in
managerial or administrative capacity, persons
engaged in a supervisory capacity and drawing >
10,000 p.m or executing managerial functions and
persons subject to Army Act, Air Force and Navy Act or
those in Police service or officer or employee of a
prison.
• Section 2BB: Banking Company
• Section 2G : Employer
• Section 2J : Industry
• Section 2K: Industrial dispute
• Section 2A Industrial dispute between individual and
employer
3. • Section 2KA: Industrial establishment or
undertaking
• Section 2KK: Insurance company
• Section 2LA: Major port
• Section 2LB: Mine
• Section 2N : Public utility service
• Section 2O : Railway company
• Section 2RR: Wages
• Section 2S : Workmen (Including an Apprentice)
industrial act
4.
5.
6.
7. Concept of Development
• Malthus was concerned with the progress
of wealth of a country by progress of wealth.
• He Meant Economic Development which
could be achieved by increasing the wealth
of a country.
• the Wealth of a country depended partly
upon the quantity of produce obtained by its
labour, and Partly upon the valuation of its
produce.
8. Population Growth and Economic
Development.
• In his principles of Political economy.
• Malthus more realistic in his analysis of
population growth in the context of
economic Development than in his essay of
population.
• as Malthus wrote an increase of population
cannot take place without proportionate
increase of wealth.
9. Conti…
• This Encourages population growth.
• But population growth does not increase
wealth.
• Population growth increase wealth only if it
increase effective demand.
• As the rate of capital accumulation
increase the demand for labour also
increase.
10. Role of Production and Distribution
• Malthus regarded Production and distribution as
two grand elements of wealth.
• If they are combined in right proportions, they
can increase the wealth of country in sort time.
• But if they are taken separately or combined in
undue proportions, they may take many
thousand years to increase wealth.
• So Malthus emphasizes maximum production
and optimum allocation of resources for
increasing wealth of county during the short run.
11. Factors in Economic Development
• Malthus Defined the problem of economic
Development as one of explaining the difference
between potential gross national product and
actual gross national product.
According to Malthus the size of potential
gross national product depends upon land, labour,
capital and organization.
• When these four factors are employed in right
proportions they maximize production in two
major sector of economy.
Vill. (i) Agricultural Sector (ii) Industrial Sector
12. Conti…
• it is the accumulation of capital, the fertility
of soil and technologhical progress that lead
to increase in both Agricultural and Industrial
production.
• Besides these, Malthus also emphasized the
importance of non-economic factors in
Economic Development, which comes under
the head of politics and moral they are (i)
Security of property (ii) Good contitution and
excellent laws properly administered.
13. Process of Capital Accumulation
• Process of Capital accumulation of all the factors, it
is the accumulation of capital which is the most
important determinant of economic Development.
• The source of capital accumulation is higher profit.
• Profit come from the saving of capitalists because
workers are too poor to save.
• If capitalists save more and spend less on consumer
goods in order to have larger profits, economic
growth will be retarded. (slow)
• In fact Malthus suggested a concept of the
optimum propensity to save.
14. Deficiency Effective Demand
Economic Stagnation measures of Promote
Economic Development “By Nature Human
Food Increases in a slow arithmetical ratio”
1,2,3,4,5 “ Man Himself Increases in a quick
Geometical ratio” 2,4,8,16,32,64 and so on
and so firth
15. Malthus Theory of Population
• Food is Necessary for life of man, and therefore,
exercises a strong check on population. In other
word population is necessarily limited by the
means of subsistence (i.e. Food).
• Human population increases faster than food
production. Whereas population increases in
geometric progression, the food production
increases in arithmetic progression.
• Population always increases when the means of
subsistence increases unless prevented by some
power full and obvious checks.
16. The Classical Theory Laissez- Faire
Policy
• The classical Economists belives in
the existence of Automatic free
market perfectly competitive
economy which is free from any
Government interference.
17. Capital Accumulation the key to
Progress
• All classicists regard capital accumulation
as key to economic progress.
• They, therefore, lay emphasis on large
savings.
• Only capitalists and land lards are capable
of saving according to them.
• The working class is incapables of saving
because it gets wages equal to the
subsistence level.
18. Profits, the Incentive to investment
• According to the classicists profit induce
investment.
• The larger the profit, the greater the
capital accumulation and investment.
19. Tendency of Profits to decline
• Profit do not increase continuously.
• They tend to decline when competition
increase for large capital accumulation among
capitalists.
• The reason, according to smith is increase in
wages due to competition among capitalists.
• Whereas, according to ricardo, when wages
and rent rise with the increase in the price of
commodity (CORN) profit decline.
20. Stationary State
• All classical economists visualize the
stationary state as the end of the process
of capital accumulation.
• When once profits start declining, the
process continues till profits become zero.
• according to smith, it is the scarcity of
natural resources that finally stop growth
and leads the economy to the stationery
state.
