Question
In: Economics
Meaning and Theories of Wages in Economics.
What are Wages?
What are Monetary Wages and Real Wages?
What are the theories of Wages? Name them. Illustrate critically the 'Wage Fund Theory' of Wages.
Solutions
Expert Solution
Wages entail the static regular payments that people earn for the work or services they provide. The payment can be daily, weekly, or monthly depending on the contract agreement between the employer and employee.
Monetary wages involve the normal payments that workers of a certain company get paid for labor done within the institution. On the other hand, the real wage describes the compensation that considers inflation when being tabulated.
Theories of wages refer to economic theory portions that strive to describe the determination of labor payments. The portion claims that market prices concerning labor always tends towards the minimum subsistence levels. The wages theories include Wages Fund Theory, Subsistence Theory, The Surplus Value of Theory of Wages, Residual Claimant Theory, Marginal Productivity Theory, The Bargaining Theory of Wages, and Behavioral Theories of Wages.
The wage-fund theory held that wages solely depend relatively on available capital amounts for workers’ payments and the corresponding labor force
What are Wages?
Wages entail the static regular payments that people earn for the work or services they provide. The payment can be daily, weekly, or monthly depending on the contract agreement between the employer and employee.
What are Monetary Wages and Real Wages?
Monetary wages involve the normal payments that workers of a certain company get paid for labor done within the institution. On the other hand, the real wage describes the compensation that considers inflation when being tabulated.
What are the theories of Wages? Name them. Illustrate critically the 'Wage Fund Theory' of Wages.
Theories of wages refer to economic theory portions that strive to describe the determination of labor payments. The portion claims that market prices concerning labor always tend towards the minimum subsistence levels.
The wages theories include Wages Fund Theory, Subsistence Theory, The Surplus Value Theory of Wages, Residual Claimant Theory, Marginal Productivity Theory, The Bargaining Theory of Wages, and Behavioral Theories of Wages.
The wage-fund theory held that wages solely depend relatively on available capital amounts for workers’ payments and the corresponding labor force
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