Read this article to learn about: 1. The Subsistence Theory of Wages 2. The Standard of Living Theory of Wages 3. The Wage Fund Theory of Wages 4. Residual Claimant Theory of Wages 5. Modern Theory of Wages 6. Marginal Productivity Theory of Wages Some of these theories are discussed below: 1. The Subsistence Theory […]
Theory of Wages: Top 6 Theories (With Criticisms)
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Wages: Meaning, Types, Factors, Theories and Determination
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In this article we will discuss about:- 1. Meaning of Wages 2. Factors Determining Real Wages 3. Causes for Wage Differences 4. Types 5. Factors 6. Theories 7. Determination of Fair Wages for Workers 8. Money Wages and Real Wages. Meaning of Wages: Wages are the remuneration or reward for labour. There are two main […]
Marginal Productivity Theory of Wages (With Criticisms) | Microeconomics
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The marginal productivity theory of wages emerged from a debate over the wage-fund doctrine. This doctrine held that wages were paid from a fixed fund laid aside to pay workers. Despite the patent unrealism of such a theory, it had a number of supporters. A fierce controversy between the supporters and the critics of the […]