The labour theory of value can be traced back to writings in 1662‚ Treatise of Taxes written by Sir William Petty. However it seems to be Karl Marx who has expanded these ideas and made it a well-known theory. Marx argues that labour equals power (<http//enwikipedia.org/wiki/Labour_theory_of_value>‚ March 2012). A commodity gains its value from labour power. This value is the ‘socially necessary labour time needed to produce it’. The value on top of this is known as ‘surplus value’ also known
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minimum wage laws. Minimum wage laws set wages above the going market-clearing wage in an attempt to raise market wages. People worry that this higher wage cost will cause employers to hire fewer minimum-wage employees than before the law was implemented. As a result‚ more minimum wage workers are left unemployed‚ creating a social cost and resulting in market failure. The minimum wage is the minimum hourly wage an employer can pay an employee for work. Currently‚ the federal minimum wage is $7
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Minimum Wage In the United States Minimum Wage is approaching record lows. Even with recent increases inflation is one of the main reasons that workers are being paid less for labor than they were back in the Seventies. There are about 3 million workers in the United States that worked full time year round last year and still fell below the National poverty level. If everyone earns exactly the same amount of money‚ then the income distribution would be perfectly equal. If no one earns any money
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with a minimum wage hourly rate. Many teens taking on their first job are willing to take any pay and are therefore satisfied with this rate. The current minimum wage in California is $9 and $7.25 across the United States. The minimum wage must be raised because the cost of living has gone up severely‚ the cost of education has increased‚ and it will save the government money. Since the cost of living has sky rocketed‚ it has become almost impossible to raise a family on a minimum wage job. A person
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The Economics of Minimum Wage One might ask‚ what is minimum wage? Minimum wage is the lowest hourly amount an employer can pay an employee. There may be some exceptions based on the type of worker. There are two kinds of minimum wage rates‚ state and federal. Right now‚ the current minimum wage is $7.25 per hour. In some states‚ minimum wages are higher than the federal rate. Workers are paid the higher amount in those locations. Minimum wage has been a hot subject among the policy makers and
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Inequality within the current labour market is a growing concern with the United Kingdom. A sediment shared by many British Nationals is that ‘PESKY immigrants. They move to Britain‚ taking jobs‚ scrounging welfare benefits‚ straining health services‚ overrunning local schools and occupying state-subsidised housing’. (Economist‚ 2014) Of the 290‚000 people who immigrated for work in September 2015‚ 59% (170‚000) had a definite job to go to (Statistics‚ 2016) There is still no evidence of an overall
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I believe that minimum wage should be raised. One reason is it would not only be better for the worker‚ but it would also affect the worker’s families in a positive way. If a worker is bringing home more money they will be able to better support their family. They would be able to buy more groceries and necessities that the family would need. Another reason we should raise minimum wage is it would be good for the economy. If a worker were to bring home more money they would be able to spend more
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men graduates. Gender wage gaps in 2004 are not primarily caused by discrimination against women. Gender wage gaps are largely the result of work history‚ experience‚ industry and the choices women make. Examples would be three of my four very successfully employed Master’s degree daughters in their 30s who are now temporarily staying at home taking care of their young children. An example of the significant advances made by women in employment and wages is the annual follow-up of
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Gender Discrimination * The Title of the Manuscript:- GENDER FAVOURTISM IN WAGES IN RURAL INDIA Payment of Wages in India has been protected by various legislations. However‚ the gender disparity with regard to wages has not yet been bridged. Gender discrimination with regard to wages is an acknowledged fact in India. The details by NSSO reflect this favourtism clearly where‚ on an average‚ a woman’s daily wage is Rs.20 less than that of a man‚ though both work equal hours. In the case of
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improving conditions in the adult labor market‚ which result in a reduction of child labor. In the case of Hershey’s chocolate‚ the local government in Ghana implemented some advance and fund programmes that enhance living standard and ensure fair labour practices in cocoa-growing regions
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