theory of wages

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• Subsistence theory of wages — The Subsistence Theory of Wages, also known as the Iron Law of Wages, was a law of economics that asserted that real wages in the long run would trend toward the value needed to keep the workers population constant. The alleged law was named and… …   Wikipedia

• Marginal revenue productivity theory of wages — The marginal revenue productivity theory of wages, also referred to as the marginal revenue product of labor and the value of the marginal product or VMPL, is the change in total revenue earned by a firm that results from employing one more unit… …   Wikipedia

• Wages — Wa ges (w[=a] j[e^]z), n. plural in termination, but singular in signification. [Plural of wage; cf. F. gages, pl., wages, hire. See {Wage}, n.] 1. A compensation given to a hired person for services; price paid for labor; recompense; hire. See… …   The Collaborative International Dictionary of English

• Wages fund — Wages Wa ges (w[=a] j[e^]z), n. plural in termination, but singular in signification. [Plural of wage; cf. F. gages, pl., wages, hire. See {Wage}, n.] 1. A compensation given to a hired person for services; price paid for labor; recompense; hire …   The Collaborative International Dictionary of English

• wages-fund theory — noun see wage fund theory * * * wage fund, wages fund or wages fund theory noun The former theory that there is at any given time in a country a determinate amount of capital available for the payment of labour, therefore the average wage depends …   Useful english dictionary

• wages fund — wage fund, wages fund or wages fund theory noun The former theory that there is at any given time in a country a determinate amount of capital available for the payment of labour, therefore the average wage depends on the proportion of this fund… …   Useful english dictionary

• Theory of the firm — The theory of the firm consists of a number of economic theories that describe the nature of the firm, company, or corporation, including its existence, behavior, structure, and relationship to the market.[1] Contents 1 Overview 2 Background …   Wikipedia

• distribution theory — ▪ economics Introduction       in economics, the systematic attempt to account for the sharing of the national income among the owners of the factors of production land, labour, and capital. Traditionally, economists have studied how the costs of …   Universalium

• wage theory — ▪ economics       portion of economic theory that attempts to explain the determination of the payment of labour.       A brief treatment of wage theory follows. For full treatment, see wage and salary.       The subsistence theory of wages,… …   Universalium

• iron law of wages — Etymology: intended as translation of German ehernes lohngesetz, literally, brazen law of wages : a statement in economics: wages naturally tend to fall to the minimum level necessary for subsistence called also brazen law of wages * * * Econ.… …   Useful english dictionary

• iron law of wages — Econ. the doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living. Also called brazen law of wages. [1895 1900] * * * …   Universalium