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Britannica online encyclopedia article on wage theory (economics), portion of economic theory that attempts to explain the determination of the payment of...
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In modern times, the predictions of Lassalles' subsistence theory of wages have been discredited not only by continuing economic growth – along the lines...
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Sociological theories: efficiency wages may result from traditions. Akerlof's theory (in very simple terms) involves higher wages encouraging high morale,
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The wage-fund theory is that wages are advanced out of a fixed fund of capital, from which an excess withdrawal, either through legislation or through union pressure, will ultimately reduce the amount available for other workers.
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Hutchinson encyclopedia article about Wage Theory. Wage Theory. Information about Wage Theory in the Hutchinson encyclopedia. (redirected from Wage Theory)
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A discussion of an economic theory that potentially could both increase wages but at the same time also increase profits for firms.
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Encyclopedia: Wage
A wage is a compensation which workers receive in exchange for their labor. Defining what is considered a wage Labor and finance fields In labor and finance settings a wage may be defined more nar...
en.wikipedia.org/wiki/Wage |
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Fully searchable and cross-referenced information about Efficiency Wage Theory from The Probert Encyclopaedia.
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This tends to bid up the wage which must be paid. To summarize what has been presented, wages tend to be fixed by demand and supply at the point where the wage is equal to the marginal product. The marginal product in our illustration can be arrived at in this fashion.
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And, the theory predicts that a discriminatory employer can discriminate at no cost to himself, so that the effect of a minimum wage law is to increase minority unemployment faster than majority group unemployment.
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