Labor economics

The new technology has the influence in the inflation as well. In the knowledge economy times, due to the adoption of new technology, the labor productivity is improved, the labor cost is reduced. The use of new materials and new energy, the production cost is reduced, too. As a result, the phenomenon of economic appeared that the economic growth and price are not synchronized. The prosperity of virtual economy weakens the interactive relationship between money supply and inflation. Friedman…

Adam Smith with his remarkable writing of ‘Wealth of the Nations’ laid the foundation for a classical school of economics. The other economists, David Ricardo, Thomas Malthus, Karl Marx, John Stuart Mill, Jean Baptiste Say, and others enriched the classical thorough of economics. Smith in his notable book argued that the wealth of a nation based on trade, but not on gold. The total wealth of a nation would increase when engaging in trade because both parties expect a profit, hence it would cause…

four features these are labor market, employees, enterprise group and the entire economic output of Australia. It has two positive and negative aspects of the impactions. The impact of the labor market Wage is the labor market supply and demand, which can conductor enterprises and individuals of the labor demand and supply behavior of the signal. When the labor demand is less than supply, wage growth will stimulate some synthetic operation, resulting in the increase of labor supply,…

describe economic interests as one of the motivations for social action. Adam Smith argues that economic interest is the only purpose for social action and through this societies prosper. Marx and Engels on the other hand believe that social action driven by economic interest is imposed onto society by institutions. Finally, Weber argues that history’s contingent development has caused an era where economic interest is the driving force for human social actions. The founding father of…

The brand sweatshops, banks, hotels, and more were built on the mass murder of million people and exploiting the labor with lower wages. The establishment of companies in developing countries give the west private companies access to the wealth of periphery countries. John Pilger (2001) describes that “The New Rulers of the World” is a collision of poverty and imperialism…

history of political economy can be described and studied in three periods: the crisis of liberal order, the order of Fordism and the shift to a post-Fordist order. The flow of political economic history through these three periods is an evolution of society, in terms of the ever-changing relationship between labor and production. During the late 19th century and early 20th century, Polanyi argues that, the construction of a self-regulating market slowly, but effectively, separated society into…

It divided into 5 volumes from the source of wealth, which means the physical labor, up to the method to increase labour’s productivity, which is the division of labour.Karl Marx (1818-1883), the founder of Marxism, was born in a turbulent society. His background had a huge effect on his extreme thoughts. First, as a Jewish, Marx…

disenfranchisement that the Black community continued to face after Emancipation. Du Bois mentions that “the freedman has not yet found in freedom his promised land” (7.) The economic system barred Blacks from completely inheriting the rights and protections that were promised after Emancipation. This paper will argue, the lack of prosperity in the labor system, which contributed to the notion of “unfreed, freed blacks”. Emancipation of slavery created an automatic disadvantage for Blacks. The…

Labor is one of the factors of production. The element of human capital plays an important role to form the components that should have in themselves as a labors. Islamic economics means economics system under Islamic principles or bringing labor market accordance with the sha’riah. Islamic labor market is the market of labor that done consonance with Islamic principle and sha’riah . The Capitalist economics is an economics system where individuals without government intervention to decide the…

Micro economics is the branch of economics that analyzes the market behavior of of the individual consumer or firm to understand the decision making of either a household or firm in economics. It is concerned with how the consumer and buyer interact and what facts might influence the buyer or seller. While micro economics is a broad study of field, their are many concepts within macro economics that are very important. The two concepts I will be defining in this paper is Long run and Short run…