Labour Productivity, Wages and Profits in a Developing Economy
Synopsis
Productivity plays a crucial role in economic development and growth. The book first deals with the concept and determinants of labour productivity. The theoretical model on which this research work is based is applicable both to micro-economic and macro-economic plane. The Coal Mining Industry, being an extractive one, the Productivity of this industry has an additional dimension: that of, conservation of resources. This is because, the raising of labour productivity, and thereby, maximizing profit, often runs into conflict with the principle of conservation of resources. An economist can only furnish the conceptual aspect of the phenomenon in economic terms, not technical optimal combination. On correlation with wages and non-wages income, it has been postulated that5 the major share of gains in labour productivity should accrue to the workers until the wages reach a fair level in keeping with health, efficiency and incentive if the workers. Beyond that, the productivity gains should be shared by labour, however, be ensured, in a developing economy, that the productivity gains accruing as non-wage income is not frittered away on conspicuous consumption, and reinvested for raising the labour productivity itself through development along scientific lines and modernization so as to, on the whole, promote economic development.
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