Labour:
It can be defined as any
exertion of mind or body undergone partly or wholly with a view to earning some
good other than the pleasure derived directly from the work.
In short labour in economic
means that any type of work performed by a labourer with an intention to earn
income.
Peculiarities of Labour:
The important peculiarities
of labour are as under.
Labour is inseparable from
the labourer:
Here labour means a quantum of work performed
while labourer means who perform the work (e.g. labour). Therefore, the
labour’s work has to be delivered in person.
Labourer sells his services
not himself:
If labourer is employed means an employer only
pays in the form of wages on account of services received from the labourer.
Thus labourer is only selling his services not himself.
Labour is more perishable
than other commodity:
If time passes, it lapses forever. Therefore a
day lost which out work means the days work gone for ever. That is why many
times workers have to accept lower wages rather than earn nothing.
Labourer has not the same
power of bargaining as their employers. This is because labour can not be
stored up and labourers are poor and ignorant.
Man, not a machine:
A labourer differs from machine. He can not
render services like machine. After all labourer is man and he has feelings and
likings. If good surrounding, health, recreation is provided, he can work
efficiently otherwise he will not work efficiently.
Less mobile:
Generally labourer does not want to leave his
home. It is therefore labour is such less mobile a compared to other factors.
Supply Independent of its
demand:
The supply of labour is
always independent of its demand and cannot be easily and quickly increased or
decreased. If supply of labour is surplus, their numbers can be reduced only by
a painful process of starvation. But when sudden increase demand for labour, as
during war, wages will rise but supply can not be quickly increased.
Labourer differs in
efficiency:
Like machinery every worker
can not render same quantum of work labourer they very inefficiency and
therefore wages differ from labourer to labourer.
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