Tuesday, February 18, 2020

Choose one of the topics from assignment Criteria Essay

Choose one of the topics from assignment Criteria - Essay Example This is when trade unions negotiate on behalf of their members, which places workers in a much stronger position than one they would be in if they bargained individually. An example of such a union has been operating since 1919, named ILO (International Labor Organization), which defines its goal as: â€Å"The primary goal of the ILO today is to promote opportunities for women and men to obtain decent and productive work, in conditions of freedom, equity, security, and human dignity†(International Labor Office 1999). Different opportunities are offered to the workers upon their joining of these trade unions. For instance: creating better employment opportunities, promoting productive practices, providing training to adapt to technological and institutional changes, enhancing social protection, increasing safety nets and promoting social dialogue, thereby providing incentives for the workers to associate with the unions (Budd 2004a). On the other hand, the business environment itself has become pretty competitive and effective, whereby social welfare is replaced with economic welfare (Paul, et al. 2001), consumers have become more important than workers, and the work is viewed as yet another input to the production process (Budd 2004a). This situation poses a threat to employment issues, as debates over labor unions, wages, family or sick leaves, or work standards are reduced to debates over labor costs and their effectiveness (Budd 2004a). Hence, the workers have a full right to join these trade unions and actively seek to maximize their utility in proportion to the work they do. Also, in an attempt to achieve decent work, work which is not just viewed as economic activity but also is given a human face (i.e. embraced psychologically, rewarded materially, and responsible ethically or morally) (Budd 2004a), workers should join trade unions which do not just increase their efficiency but also make them more motivated, focused, satisfied and skilled hence b ringing benefits to the organization as well. Therefore, union memberships should not be prevented by the employees. John W. Budd, the professor of Industrial Relations Land-grant at University of Minnesota, stressed the fact that employment objectives should not just be focused upon efficiency, but also should be focusing upon the two equally important factors, equity and voice (Budd 2004b). Undoubtedly in this competitive world, organizations should strive to utilize their resources as effectively as they can (efficiency), but a sole focus on efficiency ignores the psychological and social part of the employment relationship which means that workers should be entitled to fair treatment or rights (equity) and they should also have a say in decisions (voice) as they are more aware of current ground realities (Budd 2004b). Equity includes minimum standards like minimum wages, maximum hours, minimum safety standards, protection against unfair dismissals or favoritism, and restrictions on child labor (Budd 2004a), hence protecting the workers from abusive and unfair employment practices, which prevailed in the early 20th century, such as long hours at low wages in unsuitable hazardous conditions (Kaufman 1993). Whereas, voice includes: fair speech, protection against unfair dismissals or grievance procedures, and direct or indirect labor participation in the decisions (Budd 2004b). Workers’

Monday, February 3, 2020

Austrian Economics Research Paper Example | Topics and Well Written Essays - 3750 words

Austrian Economics - Research Paper Example The second prime objective of Menger was to prove that this explanation of commodity-price-formation is not only general but also abstract. The purpose of this explanation was also to correct the German Historical School, which suggests that there are no such universal economic laws that are applicable across different cultures, times and nations. They rejected the â€Å"Manchester School’s† requisition on global free trade in view of the universal relevance of the comparative edge (Mises, 1969). Menger being a supporter the rich empirical research of the historicists debated that the economic goods’ properties are based on the general theoretical investigation. He also dedicated his book to Wilhelm Roscher who was a renowned historicist. The Historical School’s younger members did not support Menger’s argument. The subsequent argument to this — characterized the methodenstreit or dispute over procedures — followed that the historicist s started to refer Menger and his supporters as the â€Å"Austrian School,† that signifies their mediocrity in comparison to the genuinely German approach (Bostaph, 1994; Caldwell, 2004; Mises, 1969). Although the Historical School applied adequate impact on the German Universities and thereby, took them to the twentieth century however it is the insights of the Austrian School that marked an impact on the remaining professions in other parts of the world. The discussions by Menger in relation to subsiding marginal utility, scarcity, and Robinson Crusoe economies were naturally knitted into the surfacing marginalist consensus. Similarly, the students of Menger, Friedrich Wieser and Eugen Bohm-Bawerk made significant contributions to the principle concept, Wieser for introducing the terminology â€Å"opportunity cost† and Bohm-Bawerk for his coining the time preference discussion (White, 2003). The Austrians had differences with the others, particularly when Marshall re established the production-cost-concept as one blade of a pair of scissors that evaluate price whereas the marginal utility being the other blade of these scissors. However, these were just minor disputes under a wider consensus. Although both F.A. Hayek and Ludwig von Mises followed the tradition of Menger however by the time they were internationally recognized they were just economists and did not require any â€Å"Austrian† label. Since that point of time, the â€Å"Austrian School† simply became a term of historical significance. Nevertheless, the affiliation with the mainstream of the profession continued. The argument related to socialist calculation disclosed the deep, fundamental gulf that distinguishes the Austrians from the neoclassical orthodoxy, which commenced, in 1920, with the publication of â€Å"Economic Calculation in the Socialist Commonwealth† by Mises (1935). According to Mises, the socialist planners, without money prices, would miss-out a common denominator for calculating the effectiveness of alternative uses of resources and hence, would be unable to get involved in rational economic calculation. The socialist-economists retorted with the market socialism theory, the concept that the socialist planners could employ the centrally controlled accounting prices and systems of equations as an alternate for market exchange. Hayek and Mises retorted by pointing out that the market socialists basically misinterpreted the issue, but to no benefit. All Professional