Government. What Does A Strong Economy Mean For Working Australian Families?
Government. My Question Is How Does A Strong Economy Help My Family. With The New Work Choices We Struggle Every Week To Make Ends Meet.
Government : What Does A Strong Economy Mean For Working Australian Families
My question is how does a strong economy help my family. With the new Work Choices we struggle every week to make ends meet. ~~~ the_little_one_said ~~~
Best Answer To Government Question
Australiaa€™s seems to be facing the happy prospect of unemployment falling to 4 per cent or less. What was once thought to be impossible has become the mundane. How can this be? We have been told year after year that the jobless were doomed to be always with us because it would require a savage cut in real wage rates to restore full employment (Minimum wages and capital accumulation: lefty economists fail again). Therefore it would not only be heartless to cut real wages but also suicidal. I said at the time that this view was absolute rubbish. Time has once again proved me correct. What must be constantly borne in mind is the basic economic fact that labor is only hired for the value of its services. It therefore follows that if labor services (productivity) are priced above their market value unemployment must emerge. In economic jargon: men will be taken on up to the point where the marginal cost of hiring them equals the marginal value of their product. As Henry Wicksteed said more than 100 years ago:
All Answers To Government Questions
Answer 1Australiaa€™s seems to be facing the happy prospect of unemployment falling to 4 per cent or less. What was once thought to be impossible has become the mundane. How can this be? We have been told year after year that the jobless were doomed to be always with us because it would require a savage cut in real wage rates to restore full employment (Minimum wages and capital accumulation: lefty economists fail again). Therefore it would not only be heartless to cut real wages but also suicidal. I said at the time that this view was absolute rubbish. Time has once again proved me correct. What must be constantly borne in mind is the basic economic fact that labor is only hired for the value of its services. It therefore follows that if labor services (productivity) are priced above their market value unemployment must emerge. In economic jargon: men will be taken on up to the point where the marginal cost of hiring them equals the marginal value of their product. As Henry Wicksteed said more than 100 years ago:
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