Wage And Salary, Subsistence theory
Subsistence theories emphasize the supply aspects and neglect the demand aspects of the labour market. They hold that change in the supply of workers is the basic force that drives real wages to the minimum required for subsistence. Elements of a subsistence theory appear in The Wealth of Nations, where Smith wrote that the wages paid to workers had to be enough
posted by StickySpade @ 6:03 PM
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