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David Ricardo argued that when workers receive higher wages, it can lead to an increase in the labor supply. This, in turn, may result in diminishing returns to labor, as more workers enter the market, potentially driving down wages over time. Additionally, higher wages can also lead to increased demand for goods, which may boost production but could eventually lead to inflationary pressures. Overall, Ricardo believed that higher wages could have complex effects on the economy, balancing between improved living standards for workers and potential negative impacts on employment and prices.
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What did David Ricardo ague happens when workers received high wages?
David Ricardo argued that when workers received high wages, it could lead to an increase in the population, as higher wages would incentivize families to have more children. This increase in the labor supply could eventually drive wages back down to a subsistence level, as more workers would compete for jobs. Consequently, while higher wages might temporarily improve living standards for workers, the long-term effect could negate those benefits as the labor market adjusts.
What is the effect of inflation on industry and its workers?
workers went on strike for higher wages,-novanet
What happens when you Impose a price ceiling below the equilibrium price will lead to higher consumer surplus and an increase in social welfare?
If you impose this low price ceiling, manufacturers will make less and be forced to lay off workers causing higher unemployment. Therefore, social welfare would decreaase, not increase.
How did Carnegie justify not giving his workers higher pay?
Andrew Carnegie justified not giving his workers higher pay by arguing that higher wages would lead to inefficiencies and ultimately harm the company's competitiveness. He believed in the "Gospel of Wealth," which posited that the rich had a responsibility to use their wealth for the greater good, rather than simply distributing it as higher wages. Carnegie also emphasized the importance of providing jobs and opportunities for workers, suggesting that the overall benefits of employment outweighed the need for increased pay.
How does capital deepening increase output per workers?
Increase in capital per worker does increase real wages. The higher the productivity, the higher the standards of living.
What did David Ricardo ague happens when workers received high wages?
David Ricardo argued that when workers received high wages, it could lead to an increase in the population, as higher wages would incentivize families to have more children. This increase in the labor supply could eventually drive wages back down to a subsistence level, as more workers would compete for jobs. Consequently, while higher wages might temporarily improve living standards for workers, the long-term effect could negate those benefits as the labor market adjusts.
What harmed unions in the S's?
Workers received higher wages.
What harmed unions in 1920s?
Workers received higher wages.
Which union successfully struck in 1900 and received higher salaries and fewer hours?
International Ladies' Garment Workers
What harmed unions in the 1920's?
Workers received higher wages.
What is the effect of inflation on industry and its workers?
workers went on strike for higher wages,-novanet
How did the Romans get all their bridge workers?
they must have got their workers very easily as the workers are of low castes and must have served the higher castes.
Workers rights in the late 1800s?
Workers fought for higher wages, less hours, and less insurance.
What organizations do some workers join to have a better chance to obtain higher pay and better working conditions?
Workers join unions to have a better chance to obtain higher pay and better working conditions.
To get higher wages and a shorter workday workers used?
Strikes
Why did workers join union?
Workers join unions because they were formed to bargain for better working conditions and higher wages.
Offering workers higher wages and providing benefits is what?
welfare capitalism
