Labour economics

The Industrial Revolution by T. S. Ashton is a story of the emergence of industrial civilization. Ashton was an English economic historian. He was professor of economic history at the London School of Economics at the University of London, and Emeritus Professor until his death in 1968. The Industrial Revolution (1760–1830) is his best known work, and put forth a positive view of the benefits of this era. The industrial revolution has been attacked and opinioned by many. Some say it the cause…

2.8. Production With One Variable Input (Labour) And Law Of Diminishing Marginal Returns This is the situation were capital is fixed and labour is variable, and only way to increase the output is by increasing the output. amt of labour(L) capital(K) total output(q) avg product(q/L) marginal product(dq/dL) 0 20000 0 0 0 1 20000 30 30 30 2 20000 50 25 20 3 20000 80 26.66666667 30 4 20000 100 25 20 5 20000 115 23 15 6 20000 120 20 5 7 20000 112 16 -8 8 20000 100 12.5 -12 9 20000 90…

the 1980s last century, it has integrated countries together and made them more interdependent in terms of the economy and market. Most of the states now more or less have liberalised their economy with free trade, in order to achieve economic development and economic growth. For example, the most integrated free trade area now is the World Trade Organisation, which was established in 1995 and evolved from its predecessor General Agreement on Tariffs and Trade. (Ravenhill,…

holdings. En-closed fields were under the control of the owner and their main interest was to increase their own benefits, by investing in capital to save on labour, by introduc-ing economies of scale and looking for new ways to increase yields. Harnessing more animal power decreased demand for farm labour and consequently, by re-leasing labour from agriculture, the share of workers available for commercial manufacture increased. Moreover, small holders were forced out from rural areas and moved…

Do Marx's views on capitalism provide any insights into economic globalisation today? Karl Marx, one of socialism’s revolutionaries, presented his views on capitalism and globalisation (imperialism) throughout his analytic works, such as the Communist Manifesto and Das Kapital. These are views, according to several Marxian scholars, such as Miguel D. Ramirez, vindicate the rapid integration of goods and financial markets (globalisation) the world economy has experienced since the fall of the…

Economic anthropology In the past, anthropologists have studied a variety of economic systems. Subsistence economies are some of the simplest forms of economic systems and can be divided into groups such as food foragers, horticulturalists, pastoralists and agriculturalist. The context of this essay will compare and contrast food foragers and horticulturalists. Economic anthropology is the study of the social and cultural basis of economic behaviour(Wolf, 1997). It is also the study that looks…

Nations” was an outstanding piece of work both for the fields of Sociology and Economics when it was published in the late seventeenth hundred. In this masterpiece Smith talks of the increase of productivity in society due to the phenomenon of the division of labour and through this division of labour specialisation of skills was introduced. Adam Smith also speaks of the “natural “order of society, exchange, division of labour and the relations between the three ranks of society in the book.…

Mercantilism is a series of economic policies and practices that “sought to strengthen one state economically and politically, to the disadvantage of others” which involved the utilisation of the interventionist role of the state in the economy and foreign trade that when executed properly, greatly enhanced a ruler’s ability to wage war. Mercantilist policies maintain that a ruler’s goal is to increase the state wealth; state wealth which is equivalent to the stock of precious metal and is a…

2.2 Hypothesis development Regardless of size, firms are more likely to survive and prosper during phases of economic expansion. Simply, size does not matter. Some studies have found evidence of the existence of a positive relationship between the likelihood of employees being promoted and the life chances of the firm (Stewman and Konda, 1983; Wholey, 1985). Under favourable conditions job vacancies are created, both within the firm and in the market in general. The Vacancy Chain Theory (VCT)…

Even at this stage of my International Relations journey, the term ‘globalisation’ has been mentioned numerous times. Globalisation is argued to have produced various economic benefits for ‘developed’ and so-called ‘developing’ countries (Collier & Dollar 2002). But what about the down side? Being encouraged to think critically about all aspects of the IR field led me to my topic - the impacts of globalisation on ‘Third World’ countries. Previously being approving of the benefits of…