Tuesday, 15 March 2011

THEORY OF WAGES

A wage in the daily use of the term is the amount one pays to another for doing a particular service. Economists define wage as the price for which labor is bought. Over the years there have been various theories on what wages should be paid to workers. These schools of thought span from earlier on in the industrial revolution to more modern times. The reasons for some of these theories were based on the prevailing circumstances, problems and factors at that particular point in time.

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