Wages
- Wages can
be defined as under
·
It is reward received by labourer for his labor (work).
·
It is type of reward for human exertion.
·
Sum of money paid by under contract by an employer to a
worker for services he rendered.
For
wages, different names are given like salary, fees commission allowance etc.
but the meaning is same i.e. reward for exertion or work. The wages are paid in
different way as cash end kind wages; time wages (i.e. per day, per month) and
task wages (contracts) Wages are two types.
1) Nominal Wages: An amount
paid to a worker for his work
2) Real wages: It refers to
satisfaction that a labourer gets from pending his money wages or nominal
wages. Therefore, increase in nominal wages may or may not be increased in real
wages. Because real wages are influenced by different factors like.
1) Purchasing power of money
2) Addition receipts in kind
received by a person.
3) Supplementary income and
4) Regularity of employment.
Marginal
productivity theory of wages: The marginal productivity theory states that
under conditions of perfect competition, every worker of same skill and
efficiency will receive a wage equal to the value of marginal product of that
type of labour. The marginal product of any industry is the amount of which the
output would be increased, if more man was employed while the quantities of
other factors of production employed in the industry remained constant. In
short, it is the output of single worker unaccompanied by any change in other
factors of production. The value of marginal product of labour is the price at
which the marginal product can be sold in the market. The condition of perfect
competition implies that the marginal cost of labour is always equal to the
wage rate, irrespective of number of workers the employer may engage. Every
includes try being ultimately subject to law of diminishing returns, this
marginal returns must start declining. Wages remaining the same, the employer
stops employing more workers at that point where the value of product of a worker
is equal to wage rate.
Limitations:
1) This theory has little
applicability to reality. The labour is not perfectly mobile. The workers of
same skill and efficiency may not receive the same wage at different places.
2) The actual world is dynamic;
all factors assumed to be constant are in fact constantly changing.
3) The productivity of workers
is also dependent upon other factors like quality of capital and efficient
management.
4) Productivity is also
dependent o wages.
कोई टिप्पणी नहीं:
एक टिप्पणी भेजें