Economics
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Assumptions And Criticism Of Marginal Productivity Theory of Wages
The Marginal Productivity Theory of wages provides an explanation of how wages are determined. According to this theory the rate…
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How Collective Bargaining Determines The Wages Of Labourers
Collective bargaining is a method of setting wage disputes by Trade unions. Trade unions can secure higher wages by collective…
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Residual Claimant Theory of Wages And Its Limitations
This theory was put-forth by the American economist Francis A.Walker. According to this theory, wages are the residue left over…
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Subsistence Theory Of Wages And Its Criticism
The subsistence theory of Wages was formulated by physiocrats in the 18th century. This theory was further developed by a…
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12 Causes Of Wages Inequality In Developing Countries
Wage rates are not same in all occupations. They differ from occupation to occupation and from person to person in…
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10 Factors Determining Real Wages Of Workers
The price paid for the services of labour is called wage. Wages are of two types : 1) Money wage,…
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Knight’s Uncertainty Theory of Profits And Its Limitations
Uncertainty Theory of Profits : Uncertainty Theory Of Profit has formulated by Prof. Knight. According to Prof. Knight the main…
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Joseph Schumpeter’s Innovation Theory of Profits And Its Limitations
Joseph Schumpeter formulated the Innovation Theory of Profits. According to this theory, the entrepreneur gets profits only by introduction of…
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Hawley’s Risk Theory Of Profit And Its Criticism
Risk taking Theory of Profits : The risk theory of profit was formulated by F. B. Hawley in 1893. He…
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Clark’s Dynamic Theory of Profit And Its Criticism
The Dynamic Theory of Profits was introduced by J. B Clark. According to him profits come only in dynamic economy…
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