By John Hartwick (auth.)
This e-book is an try and clarify to the layperson what modern economics is set. It begins at the assumption that the majority economics is simply sophisticated logic and obviously explains the main rules linked to every one factor. the entire major issues of educational economics are thought of: the idea of person selection, the labour industry, the contest among organizations, overseas alternate, monetary development, the inventory marketplace, unemployment, and funds. the overall ideas are sketched first with out maths or diagrams, after which mentioned within the context of topical difficulties akin to the cave in of communism in jap Europe, the inability of improvement within the third-world international locations, the distinction among industry forces and the safety of our surroundings, exhibiting how economics isn't really inevitably a dry educational pursuit.
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Extra resources for A Brief History of Price
It would be cavalier to dismiss this union power explanation but we must not lose sight of the fact that one's choice of hours worked is ultimately a personal decision, albeit framed in a social and institutional context. On the demand for labour side of the equation is the desire of employers to avoid taking on 'replacement' workers and incur the hefty fringe benefit costs, estimated to be about one third of overall remuneration. Getting more hours out of existing workers eliminates that fixed cost of taking on new workers.
In this case the tenant feels somewhat 26 A Brief History of Price less inclined to work hard because 'extra' output must be shared with the landlord. The old-style approach to this would be to say pay the tenant for her effort or reward her by the value of her marginal product multiplied by effort (hours) put out. This is classical and straightforward. But the landlord would have to monitor effort very closely in this set-up and this landlords are disinclined to do. Furthermore it would be irrational for the landlord to commit himself to compensating for effort or input when weather plays such a crucial role in determining final output.
Another way out of the lack-of-a-general-compensation-scheme problem is to place the principal and agent in a long term relationship with many years of tenanting and harvesting. Then the landlord learns more about the tenant's work habits and how best to motivate her to produce large harvests (and rent to the landlord). For the landlord with many tenants, each of whose effort cannot be observed in detail, we can imagine the need for a supervisor (a foreman in some situations) who does do some explicit monitoring of effort.
A Brief History of Price by John Hartwick (auth.)