Wages Fund theory
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The Wages Fund theory developed by Adam Smith and later expanded by Karl Marx and David Ricardo states that the total wages paid to laborers is fixed, or determined by the total capital invested in wages. As the labor supply increases, the average wages will decrease as the fixed wages fund is divided among more workers. The theory also argues that average wages will decline with increases in population and rise as the wages fund is enlarged or the labor supply decreases. However, the theory does not adequately explain variations in wages between different levels, regions, or account for differences in worker efficiency.
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Wages Fund theory
- 1. Wages Fund theory -Adam Smith 17PBA207-17PBA212
- 2. HISTORY ➔ WAGE FUND THEORY WAS FIRST DEVELOPED BY ADAM SMITH IN 1779 ➔ FURTHER DEVELOPED BY KARL MARX AND DAVID RECARDO
- 3. Theory says…. The demand for the labour could not increase except in proportion to the increase of funds desired to the payments of the wages
- 4. The Amount of wages is FIXED. Wages increases with the decrease in Labours. So, Wages fund determines the demand for Labour.
- 5. Supply! Average wages will go down with the increase in supply and with the increase in population of labours
- 6. Examples Consider Roshan as the only labour in the whole company called ABC. Since there is no other labour working with him he will get High wages of Rs.1000/day Now consider 4 other joins and his average wage would go down to Rs.250. RS.1000 Now Average wages would be Rs.250
- 7. Drawbacks 1. Not clear from where the wages funds will come 2. No emphasis has been given to the efficiency of the workers and productive captivity of firms 3. Does not explain the differences between wages at different levels and in different regions
- 8. In Order to increase Average Wages fund….. Wages funds should be enlarged Number of labours asking for employment should be reduced
- 9. The Wages of pedantry is pain. THANKYOU