Labour & Wages
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This presentation discusses labour and wages. It defines labour as any physical or mental work done for compensation. Labour is an essential factor of production. Wages refer to the monetary compensation paid to employees for work. The document then examines theories of wage determination. The marginal productivity theory states that wages are determined by a worker's marginal product. Wages will equal the value of their marginal product. However, this theory makes unrealistic assumptions and ignores other factors like unions that influence wages. Modern theories see wages as determined by the interaction of labour demand and supply in the market.
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1. The document discusses the marginal revenue product (MRP) theory of labour demand, which states that firms will demand labour up to the point where the marginal cost of an additional worker equals the marginal revenue product of that worker.
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3. The document then discusses factors that can cause shifts in the demand for labour like changes in product demand, productivity, costs of employing workers, and technology. It also discusses the elasticity of labour demand.
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1. The relationship between wages and productivity is complex, depending on factors like time horizon, market structure, and wage-setting mechanisms. In the short-run, standard theory suggests wages correspond to marginal productivity, but efficiency wage models reject this.
2. In the medium-run, bargained wages may differ from warranted wages due to changes in other factor prices, potentially leading to unemployment. Real and nominal wage rigidities also affect realignment of wages and productivity.
3. In the long-run, endogenous growth theory suggests moderate wage increases may not necessarily increase employment if technological change depends on capital investment influenced by wages.
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This document discusses aggregate supply and the supply and demand functions of labor. It defines aggregate supply as the total supply of goods and services firms plan to sell in an economy at a given price level. The key components of aggregate supply are private consumer goods, capital goods, public/merit goods, and traded goods. The aggregate supply curve shows a positive relationship between price level and quantity supplied in the short run. The marginal product of labor determines the optimal number of workers for a firm. The labor demand curve shows the quantity of labor demanded at different wage rates based on profit maximization. Shifts in output price or technology can change labor demand. The labor supply curve slopes upward initially but may bend backward at higher wage rates due to
Chap015
The document summarizes key concepts related to labor supply and demand. It discusses how individuals supply more labor as wages increase due to substitution and income effects. It also discusses how firms demand more labor as wages decrease due to marginal revenue product. The document concludes by discussing how market equilibrium is reached through the intersection of the labor supply and demand curves and factors like minimum wages that can shift this equilibrium.
Theories of wages
This document summarizes eight major theories of wages:
1) Subsistence theory argues wages are determined by the cost of basic needs.
2) Standard of living theory states wages are determined by workers' standard of living.
3) Wage fund theory claims wages are paid from a predetermined fund created by savings.
4) Residual claimant theory views wages as the remainder after other costs are paid.
5) Marginal productivity theory contends wages equal workers' marginal productivity.
6) Bargaining theory argues unions and employers determine wages through negotiations.
7) Behavioral theories examine social and psychological factors influencing wages.
8) Modern theory treats wages as the price of labor set by demand and supply
A Real-Business-Cycle model with effciency wages and a government sector: the...
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- In the model, firms set wages above the market-clearing level to prevent shirking from workers. This creates involuntary unemployment as labor demand intersects the incentive compatibility constraint rather than labor supply.
- Households receive income from capital, labor, and government transfers. Consumption is pooled within households. Employed workers pay unemployment insurance contributions.
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This document discusses labor market dynamics in Bangladesh from fiscal years 2013 to 2020. It finds that the total labor force grew from 60.7 million to 72.2 million over this period, while unemployment rose slightly from 2.6 million to 3.1 million. The majority of the labor force was employed, ranging from 58.1 million to 69.1 million. Charts show trends in the total labor force, employed people, and unemployed people over time. The document also covers labor market equilibrium between supply and demand, how various economic factors can shift supply and demand curves to impact employment and wages, models of unemployment, and definitions of types of unemployment.
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In this presentation we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.
Chapter11-wages-theories.pptx
The document discusses wages, salaries, incentive schemes, and theories of wages determination. It provides definitions of wages and salary, comparing their key differences. Six major theories of wage determination are outlined: subsistence theory, standard of living theory, wage fund theory, residual claimant theory, marginal productivity theory, and discounted marginal productivity theory. The importance of wages is discussed in relation to worker income, retention, spending power, and tax revenue. Examples of incentive schemes for teachers are also listed.
RED SEA University Labor Economics.pptx
Labor economics examines the labor market and the behavior of employers and employees. It considers both positive economics, which analyzes actual behavior, and normative economics, which considers how the labor market should work. The key aspects of the labor market are the demand for and supply of labor, which determine employment levels and terms. Unemployment results from various factors like structural changes, workers moving between jobs, new entrants to the labor force, and insufficient aggregate demand during economic downturns.
RED SEA University Labor Economics.pptx
Labor economics examines the labor market and the behavior of employers and employees. It considers both positive economics, which analyzes actual behavior, and normative economics, which considers how the labor market should work. The key aspects of the labor market are the demand for and supply of labor, which determine employment levels and terms. Unemployment results from various causes including structural mismatches between jobs and skills, frictional transitions between jobs, and insufficient aggregate demand during economic downturns.
Labor markets
The labor market consists of workers interested in selling their services and firms interested in hiring them. Firms pay workers wages in exchange for their work, either annually or hourly. Labor quantity is measured by the number of workers or total hours worked.
In a perfectly competitive labor market, there are many firms and workers with no single firm influencing wages. Wages are determined by the equilibrium of labor supply and demand. Firms will only hire workers if the value they produce exceeds their wages, and will fire workers if value falls below costs.
Both labor supply and demand determine the labor market equilibrium wage and employment level. Workers decide whether and how much to work based on comparing wages to their reservation wage. Higher wages increase labor
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Labour & Wages
- 1. Presentation on: Labour & wage Presenter: Hemant Mahara
- 2. Labour Labour is a measure of the work done by human beings Labour would mean any work, manual or mental, which is done for a reward. Marshall defined labour as “any exertion of mind or body undergone partly or wholly with a view to some good other than the pleasure derived directly from the work” Labour is all that physical and mental activity which produces goods and services.
- 3. Characteristics of Labour Labour is original and indispensable factor of production Labour is an active factor of production Labour is perishable than any other commodity Labour cannot be separated from the labourer Labour is less mobile Labour supply is inelastic
- 4. A labourer sells his labour and not himself Labour has weak bargaining power Labour is both the beginning and the end of production Difference in Efficiency Labour cannot be engaged continuously in production like machine Labour creates capital It is difficult to calculate the cost of production of labour
- 5. wage A wage is monetary compensation (or remuneration, personnel expenses, labour) paid by an employer to an employee in exchange for work done Rewards given to the workers, whether mental or physical are termed as wages in economics Wages are the most common earnings of people. Perceived by workers, clerks, managers, and employees in general, wages and salaries constitute the core element in income for the majority of active people. Similarly, many pension schemes are based on wage levels and dynamics.
- 6. Theories of wages Marginal Productivity Theory of Wages The marginal productivity theory of wage states that the price of labour, i.e., wage rate, is determined according to the marginal product of labour. This was stated by the neoclassical economists, especially J. B. Clark, in the late 1890s The term marginal product of labour is interpreted here in three ways: 1. Marginal physical product of labour (MPPL) 2. Value of the marginal product of labour(VMPL) 3. Marginal revenue product of labour(MRPL)
- 7. When marginal product of labour is expressed in money terms we obtain VMPL. MRPL is the change in total revenue following a change in the employment of labour. Marginal productivity theory of wage states that wage of labour equals VMPL (= MRPL). Employer will employ labour up to the point until market wage equals labour’s value of the marginal product(VMP) and marginal revenue product (MRP). Assumptions of Marginal Productive theory of wages Perfect competition prevails in products market and in labour market. Law of variable proportions operates. The firm aims at profit-maximization. All labourers are homogeneous and are divisible. Labour is mobile and is substitutable to capital and other inputs. Resources are fully employed.
- 8. Limitations of Marginal Productivity Theory of Wage In the real world, perfect competition does not exist—both in the product market and in the labour market. Labour can never be homogeneous— some may be skilled and some may be unskilled. Perfect mobility of labour is another unrealistic assumption The marginal productivity theory of wage ignores the supply side of labour and concentrates only on the demand for labour Full employment of resources is another unrealistic assumption This theory, in fact, is not a wage theory but a theory of employment Finally, this theory ignores the usefulness of trade union in wage determination.
- 10. Modern theories of wages Logical extension of marginal productive theory. Wage rate is determined by the interaction of the forces of demand and supply of labour in given market situations Also called “Demand & supply theory”. Demand of Labour: • The demand for labour reflects partly labourers productivity and partly the market value of the product at different level of production Supply of labour: The supply of labour depends on:- • The number of workers of a given type of labour which would offer themselves for employment at various wage rate • The number of hours per day or the number of days per week they are prepared to work.
- 11. Fig.3.Demand of Labour Fig.4. supply of labour