Different Concepts Of Wages And The Wage Rates In An Economy - 1100 Words

Different Concepts Of Wages And The Wage Rates In An Economy (Essay Sample) Content: Minimum wages concepts Student’s name Course name Course number Instructor’s name Date Minimum wages concepts Introduction Minimum wage has this far been referred as the minimum hourly wage that is payable to an employee for the work that they do. At the moment, the Fair Labor Standard Act in the federal state is close to $8 for every hour worked with some states in the US raising above this value. This is important to be examined due to the fact that cross examination of the same could lead into understanding of the employment issues in any economy. If the minimum wage was to go high then the employers would effect that on the prices or the reduction of the hours worked within a business set up. The main reason for the introduction of minimum wages was to prevent employers from paying their employees very low salaries, something that is unethical in the society. This paper is to examine the contributions of various authors on the topic, highlighting the relevance of each contribution to an economy at large. Eyraud, F., Saget, C., & International Labour Office. (2005) . The fundamentals of minimum wage fixing. Geneva: International Labour Office. This books portrays the concept of minimum wages to be both an economic and social policy tools which are not only flexible but also powerful. This has been done within this book by a vast and comprehensive database on the legality of it in various countries of the world. This is done by shedding light on the intricacies of this term through the provision of a thorough overview of various institutions in various parts of the world as well as their assumed best practices in dealing with employees. Again, in it is the outline of the main topics of debate on this topic of minimum wage and its effects on the economic and social variables like poverty, employment and wage inequality. Moreover, the book outlines the criteria used in the implementation process of the concept of minimum wages and the link of the same to the objectives of the countries. This particular edition looks at the relationship that exis t between minimum wage and poverty. These two issues given priority in this book as stated above are rarely discussed together but in isolation. Herr, H., Kazandziska, M., & International Labour Office. (2011). Principles of minimum wage policy: Economics, institutions and recommendations. Geneva: ILO. This article brings minimum wage policy as an efficient mechanism that works against poverty as well as the erosion of households which are poor. This concept can be used to control the wage dispersion thus reducing the income inequality, a scenario that at times is felt at work place by the employees, especially when employers feel that they are not meeting their levels of profits that they have anticipated for. Herr and others thus presents in this article minimum wages can work to prevent the decline that normally happens on the nominal wages levels thus resulting into the deflationary tendencies. These tendencies are always triggered by the nominal wage and the unit-labor cost falls. It is clear from this article that if the deflationary traps catches up with a country, it is the minimum wage policy that can help to reduce this danger to an economy. It has therefore been presented in this piece of work the principles of the wage policy, taking into account the economic, institutional and political dimensions in the minimum wage determination. Meer, J., & West, J. (2015). Effects of the Minimum Wage on Employment Dynamics. doi:10.17848/wp15-233 This article presents a voluminous literature on the minimum wages and the impacts of the same on employment. Within the article, it has been argued that minimum wage impacts employment after a very long period of time by the changes that takes place in the growth and not a one-time drop in the relative employment that can be realized. At the same time, it has been shown that the specifications that have been commonly used do not capture these effects thus not mentioned in this particular article. There has been the use of state administrative employment data to illustrate the reduction of the job growth over a period of time that is caused by minimum wage rates. This finding is portrayed to have been significant in ensuring that wages are kept at a level that is best for both the employers and employees for better working condition hence productivity in the process. Hirsch, B. T., Kaufman, B. E., & Zelenska, T. (2015). Minimum Wage Channels of Adjustment. Industrial Relations: A Journal of Economy and Society, 54(2), 199- 239. doi:10.1111/irel.12091 The article presents an analysis of the wages in a sample of a restaurant that had employees within the state of Georgia Alabama between the years 2007 and 2009. In the records of payroll, a presentation of cost compliance has been depicted, together with multiple channels of adjustments that are useful in the determination of the proper wage level to an employee. Within this work has emerged the presentations of employments and hours of wo rk being directly correlated. This is the bulk of what forms this work as it explores the effects of wages rates on the motivat...

Utilitarianism, Virtue And Care Ethics - 930 Words

The three ethical theories I will discuss from Chapter 1 include: utilitarianism, virtue and care ethics. First, the utilitarianism is moral standard and a theory of action by humans that are morally right in action. Utilitarianism is an action that is morally right if its consequences are more favorable. One way for businesses’, as our reading suggests (Fieser Moseley, 2012), is make a list of all the good and bad for any particular act. If the good outweighs the bad then that action should occur. If the bad outweighs the good, then the action should stop. Utilitarianism theory attempts to keep things on the positive, happier side of the spectrum. A company using this theory is probably functioning well due to their morale analysis of actions related to safe products, good quality products and customer care, a fair price, and fair and equal treatment to their employees. In addition, because utilitarianism is a morale standard, a company would be environmentally cons cious and find ways to help the community and the world. A company would work at making their products in an environmentally safe way, recycle surplus and make their products within the United States to support the economy. A company would also look at balancing goods over harm produced to the environment or people. Lastly, if a company were to be very successful, they should donate some of their proceeds back into the community (environmentally or local community support) or employees (bonuses,Show MoreRelatedTheories of Socially Acceptable Behaviors: Virtue Theories, Utilitarianism, and Deontological Ethics692 Words   |  3 Pagestheories include virtue theories, utilitarianism, and deontological ethics. While each of these theories has been analyzed in relationship to the formation of socially acceptable behavior, none have been found to be definitive. Virtue ethics emphasize the importance of ones character and their morals above dutiful behavior. Many virtue theories are built upon Aristotles teachings that define a virtuous person as someone who has ideal character traits (Athanassoulis, 2004). Virtues can be definedRead MoreVirtue Ethics692 Words   |  3 Pagesformation thereof. Among these theories are virtue theories, utilitarianism, and deontological ethics. Each type of theory has been extensively argued, yet no one approach is definitive. Virtue ethics are theories that highlight the importance of character and morals over dutiful behaviors. Many virtue theories are rooted in Aristotles teachings, which argue that a virtuous person is someone who has ideal character traits (Athanassoulis, 2004). Virtue theories are founded upon the contention thatRead MoreComparing Political Philosophy Theories1095 Words   |  5 PagesTheory Comparison Chart Respond to the prompt for each of the five ethical theories listed. One section on each chart has been filled in as an example. What is good? (1–2 sentences) Aristotle – Virtue EthicsMill – UtilitarianismKant – DeontologyConsequentialismNodding – Care Ethicswhat would you say is our principal or highest objective by nature? According to Aristotle, it is the attainment of happiness, for it is that alone that we seek for its own sake. Based on Aristotle assertionRead MoreThe Theory Of Ethics And Ethics1246 Words   |  5 Pageslast few weeks of class, we have discussed many different theories of ethics by many different philosophers. We have examined these theories by looking at different examples of how someone who believes in a specific theory would respond to the situation. I have come to the conclusion after closely examining each theory of ethics that virtue ethics presented by Rosalind Hursthouse is closest to correct. Even though virtue ethics has a few flaws that I believe need to be revised, this theory is closestRead MoreCritically Evaluating Medical Ethics And Legal Issues1403 Words   |  6 Pages1234 - PREFESSIONAL PRACTICE CRITICALLY EVALUATING MEDICAL ETHICS AND LEGAL ISSUES A common statement used in medical ethics is ‘above all, do no harm’. The origin of it is unknown but it is widely used in the principle of bioethics for the maxim non maleficence. In order to improve healthcare treatments new research needs to published, medical research is happening all the time. That is where medical ethics come to play. Medical ethics can be defined as doing the right thing while achieving theRead MoreKantian Deontology, Utilitarianism, And Virtue Ethics1606 Words   |  7 PagesOver the course we’ve studied three ethical theories, those theories are Kantian deontology, utilitarianism, and virtue ethics. These theories focus on different philosophies or views that are used to either explain or make a judgment in regards to what is considered right or wrong in a given situation. To begin with, ethical theories help explain why an individual believes that an action is right or wrong. It gives one an understanding of how an individual chooses to make ethical decisions. WhichRead MoreTeleological Perspectives Are Based On Various Religious Principles And Moral Standards971 Words   |  4 Pagesnumerous religions world-wide the applicat ion of teleological theories are virtually impossible to use in a broad sense. For example, many religions forbid medical care and in this case would nullify the situation all together. Pellegrino’s principles for the application of teleological morals to the use of modern medicine, allows for health care needs to be met without the compromise of one’s teleological moral standards. Along with the acceptance of medicine as a tool, Pellegrino insists that the patientRead MoreKant s Good Will Theory1219 Words   |  5 PagesBernard Mayo, the most effective way to learn about ethics is by observing the lives of saints and heroes. The greatest advantage of having saints and heroes is that they give us examples to follow. He acknowledges that being a saint or hero is a rather unattainable, elusive goal, but that just trying to live up to their example is enough to lead someone to lead a virtuous life. B. Mayo thinks that rules do not have the same flexibility as virtues, and that action or motive can be virtuous yet disobeyRead MoreKant s Good Will Theory1219 Words   |  5 PagesBernard Mayo, the most effective way to learn about ethics is by observing the lives of saints and heroes. The greatest advantage of having saints and heroes is that they give us examples to follow. He acknowledges that being a saint or hero is a rather unattainable, elusive goal, but that just trying to live up to their example is enough to lead someone to lead a virtuous life. B. Mayo thinks that rules do not have the same flexibility as virtues, and that action or motive can be virtuous yet disobeyRead MoreConsequentialism, Non- Consequentialism, Virtue Ethics and Care Ethics1742 Words   |  7 PagesIntroduction This essay will provide a theoretical understanding of the four ethical frameworks: Consequentialism, Non- Consequentialism, Virtue Ethics and Care Ethics. When applied to a situation these frameworks help teachers to resolve and justify their decision making. The objective is to apply the four frameworks to the scenario Helping Molly, to establish the most ethical course of action. Finally, a recommended course of action will be justification. The overarching ethical issue present

How Globalization Affects Economy And Culture And Policy

Introduction Globalization challenges scholars who advocate a significant developmental function of the state, not so much be restraining the state s proper responsibility. By rewarding meticulous structures, developmental states have concentrated on the central state or have probe state-society relations. Their scrutiny of relations within states provides much room for perfection, and they have only begun to value the potential assistance of local governments in promoting economic development. The aim of this paper is twofold. First, it argues about how globalization has consequences for intergovernmental relations. In particular, it focuses on examining China and India to advance our comprehension of how globalization affects economy†¦show more content†¦This restraint does not imply that the trans-border flow of ideas is insignificant; rather, it results from the requirement to circumscribe our topic to a manageable extent. The literature time and again presents us with other, furth er general, and definitions of economic globalization. First, globalization often signifies a process of marketization, or the notion That public institution are moving away relative to the growing reach of market based sharing mechanisms. The â€Å"retreat of the state† is in general attributed to a revolution in guiding principle attitudes which one author has explained it as the â€Å"triumph of liberal economic ideas† (Ghosh, 2010, pp. 231-236), which is the identification of powerfulness of market-based that came up in the early 1980s. Several authors have maintained that ideological change has led to a great policy change in much of the Third World to the privatization and liberalization of production, which has influential political implications for the countries in the region. In fact, the proof does not suggest that such a change has happened in the last two decades: experimental studies have not found a significant decline in the standard size of the state compared to the national economy in the developing world. While the legality of liberal economic ideas may have developed in recent

Leadership in Business Individuals or Organization

Question: Discuss about theLeadership in Businessfor Individuals or Organization. Answer: Introduction The leadership can be defined as a practical skills as well as research area which comprises of the ability of an individual to guide other teams, individuals or organization as a whole (Scott and Davis 2015). Experts opine that leadership can be defined as the procedure of social influence that an individual can have on others for the accomplishment of particular tasks. The selected leader for this assignment is John F. Kennedy, who was the 35th president of United States of America. A thematic literature review would be performed discussing about the motives, characteristics, effectiveness, traits and the different approaches to leadership. Discussion According to Koh (2015), the characteristics of a good leader, as displayed by Kennedy, are energetic, charismatic, confident, enthusiastic and others. The leaders display strong delegation power as they are able to give tasks as per the skills as well as expertise of the subordinates. They have the ability to train the new members of the team as well as create productive work environment (Scott and Davis 2015). The leaders communicate their vision to their subordinates as and when required. Kennedy was considered as one of the youngest president elected and he became iconic at a young age. As argued by DuFour and Marzano (2015), the leaders display a great degree of creativity as they are able to take instant course of action when faced with difficult situation. The leaders do have intuition as when working in a team, there is no fixed roadmap. The leaders should take situational approach when leading a group of subordinates. As opined by Karanika-Murray et al. (2015), leaders have strong motive to be in a position that involves responsibility and need to control others. There are different motives of leaders such as power motives, socialized power motives, strong work ethics and tenacity. Mainemelis Kark and Epitropaki (2015) opined that John Kennedy can be regarded as a successful leader based on his power of delegation of tasks. He had a vision of his own and his ideas on the peaceful cooperation with the different Soviets proved the fact that he was able to see the distant future of the countries (Scott and Davis 2015). He was successful in delegating tasks. He was a national leader who engaged in subordinates in educating the American citizens on the matters concerning national security (Karanika-Murray et al. 2015). He had good decision making ability and ability to innovate. As stated by Antonakis and House (2013), there are several steps for a leader to effectively delegate tasks among his team members. The first step involves the preparation for the process of delegation. The employees are delegated tasks based on their experience and skills. The second step would comprise of assigning the job duties which would also include various information such as budget, timing, expectations and the context (Antonakis and House 2013). The team members should also be informed about the different updates such as content, format and frequency (Antonakis and House 2013). The next step is to confirm whether the employees have understood what is expected of them and it is the duty of the leader to check their level of understanding. The process of confirming the understanding determines the success or the failure of tasks. Hargrove (2015) opines that it involves the commitment level of the team members so that they can perform the task in a perfect manner, within the d eadline. It is not sufficient to assume that the team members have accepted the tasks, it is also important to confirm whether they are proceeding on the task or not (Karanika-Murray et al. 2015). It is important for the leader to know if the team members are committed to accomplish the task (Antonakis and House 2013). The next step is to ensure accountability for the tasks that are delegated. It includes that the employees regularly communicate with the leaders and share the status of the project and deliverables (Karanika-Murray et al. 2015). As commented by Abbott et al. (2016), the effective assignment of work is important for successful leadership. It is important to articulate the desired outcome clearly. A leader should identify the different boundaries and the constraints while delegating tasks to his team. The leaders should also engage in delegating to the team and involve members of the team in this process (Antonakis and House 2013). The tasks should match the level of responsibility with the level of authority of the team members. It is important to delegate to the lowest level of organizational hierarchy. As stated by Scott and Davis (2015), the person-position fit is an important characteristic of the organization and it is one of the prime duties of the leaders. It is important to keep compatibility between the abilities of a person and the type of job role. The person should be interested in the type of work he does; else he would not be able to give his full potential to work (Scott and Davis 2015). The values, abilities and the capability of the person should be considered by the leader before delegating tasks to that person. The leaders should delegate tasks according to the different types of occupation and the personality types (Hall Galinsky and Phillips 2015). As opined by Tracey et al. (2014), the Hollands theory mentions that there are people who display six kinds of personalities such as investigative, realistic, social, artistic, conventional and enterprising. It is important to understand the personality of the team members before delegating tasks to them (Scott and Davis 2015). The leaders should allocate tasks based on the profession type and the occupation level. Conclusion The leadership is one of the most important functions of management. This paper discussed the leadership attributes of John Kennedy along with thematic literature review on different aspects of leadership. The process of delegation and the characteristics of the leaders are defined in detail. The different motives of the leaders are discussed. This paper is expected to broaden the understanding of the leadership process observed in the organizations. References Abbott, K.W., Genschel, P., Snidal, D. and Zangl, B., 2016. Two logics of indirect governance: Delegation and orchestration.British journal of political science,46(4), pp.719-729. Antonakis, J. and House, R.J., 2013. The full-range leadership theory: The way forward. InTransformational and Charismatic Leadership: The Road Ahead 10th Anniversary Edition(pp. 3-33). Emerald Group Publishing Limited. DuFour, R. and Marzano, R.J., 2015.Leaders of learning: How district, school, and classroom leaders improve student achievement. Solution Tree Press. Hall, E.V., Galinsky, A.D. and Phillips, K.W., 2015. Gender Profiling A Gendered Race Perspective on PersonPosition Fit.Personality and Social Psychology Bulletin, p.0146167215580779. Hargrove, E.C., 2015.Effective Presidency: Lessons on Leadership from John F. Kennedy to Barack Obama. Routledge. Karanika-Murray, M., Bartholomew, K.J., Williams, G.A. and Cox, T., 2015. Leader-Member Exchange across two hierarchical levels of leadership: concurrent influences on work characteristics and employee psychological health.Work Stress,29(1), pp.57-74. Koh, H.K., 2015. Educating future public health leaders. Mainemelis, C., Kark, R. and Epitropaki, O., 2015. Creative leadership: A multi-context conceptualization.The Academy of Management Annals,9(1), pp.393-482. Scott, W.R. and Davis, G.F., 2015.Organizations and organizing: Rational, natural and open systems perspectives. Routledge. Tracey, T.J., Wille, B., Durr, M.R. and De Fruyt, F., 2014. An enhanced examination of Holland's consistency and differentiation hypotheses.Journal of Vocational Behavior,84(3), pp.237-247.