Essays on Wage Earners

Slavery as an institution takes various forms and it spans numerous centuries. The compatibility of slavery with different economic systems is evident from a simple analysis of the existing economic systems. The narrative of rise and fall of slavery have been used to depict the development of the modern capitalism. By looking at various aspects of a capitalist economy, it is apparent that slavery has major contributions to the success of the modern capitalists. Great differences in economic power, competitive ability, production efficiency, cultural orientation, and political powers exist between the capitalists and the wage earners. Karl Marx described ...

Introduction

The USA is now witnessing one of the highest income disparities in its history. Rich people are getting richer while poor people are getting poorer. One of the main challenges for the government is to ensure more equitable wealth distribution among the population. One of the most discussed techniques in recent years is “minimum wage”. Minimum wage in the USA is currently $7.25 per hour and a multi-year long debate between the Republicans and Democrats is going on upon the issue of increasing the minimum wage to $10.10 (Peters). This has become a major issue of political tussle between ...

The concept of full employment, or the natural, frictional, and rate of unemployment plays a central role in macroeconomics and its policy. Let's start with natural employment. The determinants of the natural rate of unemployment are duration and frequency of unemployment. The duration of unemployment depends on cyclical factors in addition to the structural characteristics of the labor market. The organization of the labour market including the presence or absence of employment agencies , youth employment services. The demographic makeup of the labour force. The ability and the desire of the unemployed to keep looking for a better job which ...