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Essay / Research Paper Abstract
This 5-page paper focuses on the link between wages and productivity in an open economy. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTopeeco.rtf
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Unformatted sample text from the term paper:
a socialist economy, workers are more likely to be motivated by the state and their duty to the state. But is there a definite tie, in an open economy between
wages and productivity? There are many theories out there that link productivity and wages -- one of them being the fact that
in a society with a lot of young workers, labor is plentiful and cheap (Emergy and Rongve, 1999). This means workers can be hired for less money. However, in an
aging society, the growth of the workforce slows down (so does productivity) (Emergy and Rongve, 1999). In an older society, the theory goes that the people have more money to
invest (because theyve been working for longer periods of time), and as the supply of capital increases, wages rise as interest rates decrease (Emergy and Rongve, 1999). Others note that
as older people increase in the workforce, income and wages will decline as productivity increases -- fewer workers, its predicted, will be using capital stock (Emergy and Rongve, 1999).
Bai and Wang (2003), in the meantime point out that there is more than simply wages that have an impact on worker productivity.
Other factors include uncertainty in job matching quality, industry competition and macroeconomic factors (Bai and Wang, 2003). In the meantime, another
study linking education, earnings and productivity noted that the relationship between high education levels and wage rates in the UKs Labour Force Survey (LFS) note that education can yield a
high financial return (Walker and Zhu, 2003). But again, there is no hard and fast rule that this adheres to -- a good chunk of the relationship depends on what
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