A study on the major wage theories and their relevance
- An Introduction to the concept of wages
- What are wage theories?
- Substance theory of wages
- Surplus Value theory
- Wage Fund theory
- Residual Claimant theory
- Bargaining Power theory
- Marginal Productivity theory
- Efficiency theory
- Agency theory
- Expectancy theory
- Behavioral theory
- Equity theory
- Conclusion
- References
Wages are income derived from human labor. Salaries are similar to wages, but denote a more routine and constant payment on a time bound basis, as opposed to a work-bound payment association of wages. The term Wage and Salary encompass remuneration and fringe benefits sponsored by the employer, such as paid vacations, holidays, paid sick leaves, pensions, health insurance, and also bonuses or stock options usually linked to individual or group performance. Though wages and salaries thereby cover all compensation made to employees for either physical or mental work, they still do not represent the income of the self-employed. Total labor costs of an organization include items such as cafeterias, transportation, meeting rooms and other such employee related expenses incurred by the employer for the convenience of employees.
[...] CONCLUSION The wage theories form the basis on which organizations devise their compensation systems. The two key foundations upon which such systems rest are internal equity and market competitiveness. Research has indicated a direct correlation between pay knowledge and pay satisfaction. If employees know how their pay is set, and if the managers explain the process behind the setting of the pay in terms of internal equity and market competitiveness, then employees would tend to remain satisfied with their pay, job, and level and would try to increase their pay by increasing productivity. [...]
[...] On the Principles of Political Economy and Taxation chapter On Wages. Library of Economics and Liberty. Retrieved 27 May 2009, from http://www.econlib.org/library/Ricardo/ricP2.html. Unemployment, Efficiency and Wages. Retrieved 27 May 2009, from http://www.econport.org/content/handbook/Unemployment/Efficiency/Henry.html Books and Articles Abraham, Katharine G & Katz, Lawrence F "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances." Journal of Political Economy, University of Chicago Press, p507-22. Akerlof and Yellen (1990). The Fair Wage-Effort Hypothesis and Unemployment. Quarterly Journal of Economics, 105(2), p255-283. Akerlof, George (1982). Labor Contracts as Partial Gift Exchange. [...]
[...] Wages, Employment and the Threat of Collective Action by Workers. NBER Working Papers 1856, National Bureau of Economic Research, Inc. Dickens, William, T., Katz, Lawrence, F., & Lang, Kevin. (1986). Are Efficiency Wages Efficient?. NBER Working Papers 1935, National Bureau of Economic Research, Inc. Dufwenberg & Kirchsteiger (2000). Reciprocity and wage undercutting. European Economic Review 44 p069-1078 Farrell Bloch & Mark S. Kuskin. (1978). "Wage determination in the union and nonunion sectors”, Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University. [...]
A study into the history of Southern Labor Unions with an emphasis on race and gender
«Roediger's study into race and class in the nineteenth century.. Roediger's book - Formation of concept of whiteness and white supremacy.. The story of Thomas Watkins.. Honey's book and the emergence of organized labor unions in Memphis.. Neil Foley's The White Scourge an examination of the cotton...»
«In David Roediger's Wages of Whiteness, the reader is introduced to the author by an autobiographical introduction that paints the picture of a white adolescent growing up in the turbulent South. The author tells of his experiences with race in a small southern town near St. Louis where locals...»
A study on security analysis for selecting appropriate security
«Executive summary. Investment scenario. Introduction to the concept of security analysis. Different approaches of to evaluation. Fundamental approach. Technical approach. Modern approach. Background of the study. Significance of the study. Review of literature. Importance of the field work...»
«An investment refers to the commitment of funds at present, in anticipation of some positive rate of return in future. Today the spectrum of investment is indeed wide. An investor is confronted with array of investment avenues. Among all investment, investment in equity is best high proportion....»
Service recovery in E-commerce
«Introduction. Problem discussion. Purpose. Research question. Methodology. Theoretical framework. The concept of service recovery. The Importance of Service Recovery. The role of front line staff. Service recovery in E-commerce. Technology and Complaint Behavior. Classification of service failures...»
«Service recovery has been found to play a significant role in customer satisfaction and customer loyalty intentions in the online context. Many studies have been conducted on how to manage recovery strategies after a service failures and how it impacts online customers' loyalty. Using the findings...»
Economics: Taxes and subsidies
«Introduction. Taxes and subsidies. Types of tax systems. Direct taxation. Indirect taxation. Keynesians and their ways. Conclusion.»
«There are two types of tax systems that work simultaneously in an economy. These two systems are called direct and indirect taxation. Both of these systems have different effects on the economy in terms of an incentive or disincentive. Direct taxation is levied on the income of people. They pay...»