WAGES UNDER IMPERFECT COMPETITION

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WAGES UNDER IMPERFECT COMPETITION  We have discussed above wage determination under perfect competition. But in the world of reality  How to Stop Exploitation. The two weapons to stop exploitation are (a) Government action and (b) Trade Union action. Since monopolistic exploitation arises from the monopoly power of the employer .it cannot be stopped either by the trade union or the government calling upon […]

TRADE UNION AND WAGE DETERMINATION

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TRADE UNION AND WAGE DETERMINATION Establishment of a strong trade union introduces an element of monopoly in the labour market. Now. instead of each worker negotiating with the employer on the question of wages. the trade union bargains on behalf of them all. Here is a case of bilateral monopoly. Hence. detennination of wages by collective bargaining is like determination of price […]

Call Trade Union Raise Wage

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Call Trade Union Raise Wage. For a long time. the economists held the view that thc trade union action in increasing wages was futile and ineffective. The classical economists argued that wages could be raised only at the expense of profits and a fall in profits. by reducing industrial activity. would reduce demand for labor and cause unemployment. It is said […]

Taussig’s Theory of wages

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Taussig’s Theory of  wages The American economist Taussig gives a modified version of the Marginal Productivity Theory of Wages. According to him, wages represent the.marginal discounted product of labour. Tau ig thinks that the labourer cannot get the full amount of the marginal output. This is because production takes time and the final product of labour cannot be obtained immediately. But the […]

Wages Fund Theory

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Wages Fund Theory’. This theory is associated with the name of J.S. Mill. “Wages.” wrote Mill, ‘depend upon the demand and supply of about, or, as it is often expressed, on the proportion between population and capital. By population is here meant the number only of the laboring classes or rather of those who work for hire, and by capital, only […]