LABOUR LAW - MODULE 3: Theories of Wages – KERALA MOTOR TRANSPORT WORKERS WELFARE BOARD - DEO скачать в хорошем качестве

LABOUR LAW - MODULE 3: Theories of Wages – KERALA MOTOR TRANSPORT WORKERS WELFARE BOARD - DEO

📞 For student enquiries & admissions, contact: 📌 Avis Poppen - Admissions & Administration Head: 9526295872 📌 Sebastian: 9526616782 Labour Laws - MODULE 3: Theories of Wages – Mini Lesson KERALA MOTOR TRANSPORT WORKERS WELFARE BOARD - DEO Prepared by: Sebastian Christy Lesson Description (YouTube Description Notes) This mini lesson explains Theories of Wages in a clear exam-focused way, showing how economists understand wages not only as “what a worker earns” but also as a signal of productivity, a cost of production, and a macroeconomic factor affecting inflation and unemployment (ഉൽപ്പാദനക്ഷമത, ഉൽപാദനച്ചെലവ്, പണപ്പെരുപ്പം, തൊഴിലില്ലായ്മ). You will learn the three meanings of wage: Money wage (Nominal wage): the amount on the payslip Real wage: purchasing power after adjusting for price changes (inflation) Total compensation: salary + bonuses + pension + insurance + allowances Then the lesson covers major wage theories in a structured flow: Classical theories: Subsistence theory (wages gravitate toward survival level) and Wage Fund theory (wages linked to a fund set aside for labour, with modern critique). Competitive labour market theory: wages as a market price determined by labour demand and labour supply, with real-world limits like wage rigidity and frictions. Marginal Productivity Theory (MPT): wages linked to marginal product of labour and marginal revenue product, explaining why skills often raise wages. Modern micro explanations of wage differences: Human capital, signalling/screening, compensating wage differentials, and discrimination. Why unemployment can persist: bargaining and institutions (wage floors), efficiency wage theory (sticky wages, shirking/turnover), and Keynesian effective demand (low sales expectations causing unemployment even if wages fall). The session ends with a quick unified takeaway: no single wage theory explains everything—wages are shaped by productivity, labour supply, market structure, institutions, and macroeconomic demand. Includes 4 multiple-choice questions with answer key and explanations for exam practice. DISTRICT EXECUTIVE OFFICER, ADDITIONAL DISTRICT EXECUTIVE OFFICER, IN KERALA MOTOR TRANSPORT WORKERS WELFARE BOARD, CATEGORY NO.415/2025, theories of wages, wage determination economics, nominal wage vs real wage, real wage meaning, money wage and real wage difference, total compensation meaning, subsistence theory of wages ricardo, wage fund theory js mill, competitive labour market wage determination, labour demand and supply wages, equilibrium wage economics, marginal productivity theory wages, marginal product of labour mpl, marginal revenue product mrp, why wages differ economics, human capital theory wages, signalling theory wages, screening in labour market, compensating wage differentials examples, wage discrimination economics, bargaining theory wages, trade unions and wages, wage rigidity economics, efficiency wage theory shapiro stiglitz, sticky wages and unemployment, keynesian theory of wages and employment, effective demand and unemployment, macro equilibrium unemployment, labour economics kerala board deo, transport workers welfare board deo economics module 3