Determination of wages

Wages can be determined through the following: the forces of demand and supply in a market economy; government activities and policies and the activities of trade union. A very comprehensive understanding about these factors gives a clear picture on how determination of wages greatly influences the labor market.

The forces of demand and supply in a market economy: The wages of labor in a market economy can be determined through the forces of demand and supply. In a competitive labor market, there are so many employers and unorganized employees resulting in a situation where a single employer or employee cannot influence the wage rate either by refusing to be employed or to employ. Wage rate in a competitive labor market can be determined in the following manner:

1. When the supply of labor exceeds the demand, wage rate will fall.

2. When the demand for labor … Read More

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The three words Public, Office and Trust carry great weight and imply sense of duty and moral responsibility. It is always a great privilege to hold an office, more so a public office and to render service honestly and fairly without fear or favor. The greater or higher is the office, the greater is the responsibility. The word office is synonymous with duty, with act of worship.

Once the Emperor of China, gave an official admiration to the officers of his government in remarkable words worth quoting that one who sincerely serves his country leaves fragrance of a good name to a hundred years, he who does not, leave a name that stinks for tens of thousands of years”. Trust and honor go together. He who is honest is always trusted and honored. And when honor is gone, man is dead.

The proposition : ‘Public office is a public trust’ … Read More

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