The wage fund concept is a doctrine or expression which was developed by Stuart John Mill and other contributors of economic theory and political economist in the 1800s. This theory seek to show that any amount that an individual earns as a salary/ wage and which is paid to him/her from a certain amount of funds that is fixed and available to him every year is usually determined by the association of capital and wages to any population change(Spiegel 300). Therefore, the wage fund model developed by mill is as follows;
Wage= Capital/ population
This model states that workers wage is determined by the ...
