Write about the importance of labour
Answers
Answer:
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Explanation:
Labour is the fundamental and active factor of production Labour has important contribution to the production of commodities. Labour is the exertion of mind and body undertaken with a view to some goods other than the pleasure directly derived from the work. Like a commodity, Labour cannot be stored and withdrawn from the market for a favourable time if the wage offered in low.
Further, Labour is inseparable from labourer and has to be be delivered personally, working conditions or environment are of great importance. If the place of work is congenial and the management is kind hearted, even a lower wage can be acceptable. Labour has a weak bargaining power, therefore, the employer has an upper hand in Labour transactions and the wage given is lower than it is due.
The supply of Labour cannot quickly adjust to the change in demand. The wages sometimes rule higher and at other times lower than need be. As the Labour has no calculable cost of production, it has to be satisfied with the wage it can receive or it receives.
Therefore, Karl Marx has said—”Capital is the collective shape of Labour performed in the past. Land which has been made for productive purposes is the important effort of Labour”. Hence, we cannot ignore the importance of Labour in Economics.
hope it helps u
answer: Labour is the fundamental and active factor of production Labour has important contribution to the production of commodities. Labour is the exertion of mind and body undertaken with a view to some goods other than the pleasure directly derived from the work.