The Impact Of Labor On The Economy Essay

The Impact Of Labor On The Economy Essay

Length: 1020 words (2.9 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Throughout history, labour has persistently been one of, if not the, driving forces behind all production and technical change. However, the role labour plays and the extent to which it is controlled by the individuals who provide it has varied dramatically. Mainstream theories of supply and demand are insufficient to describe the level or cost of labour, instead the surplus value of production, and indeed levels of production, must be examined in order to understand the role of labour in the economy.
As the world has evolved, so too has the behaviour of the working classes. From the earliest hunter-gatherer times when labour existed purely for subsistence to the modern day where much of labour does not produce any tangible result, the role and expectations from labour have varied dramatically. For much of modern history, most of the labour force was engaged in agricultural work, often with any surplus value being tithed to the landlord, or was focused on the learning and operation of a trade, however this all changed with the introduction of mass industrialisation. Where once every detail of a trade would be passed from master to journeyman to apprentice, with an almost-guaranteed upward progression, the rise of factories introduced incredibly acute specialisation and vastly reduced opportunities for progression between heirarchial layers .
Early industrialisation brought with it an acknowledgement of the true potential of surplus labour as a creator of mass profit. As workers, faced with a ‘choice’ between working for a subsistence wage or not being able to subsist, would generally work for a subsistence wage, capitalists were able to extract vast surpluses of profit above the subsistence wage through the advent of ever-improv...


... middle of paper ...


...ght specifically how to complete their job and no other, and the managers use their monopoly on semi-complete knowledge to control the workers . This has resulted in greater and greater surpluses being possible for managers which have, in turn, lead to what King refers to as the ‘Great U-Turn’, a divergence in equality between the working classes, whose real wages have tendencies towards stagnation but whose productivity is ever increasing, and the managers who gain ever greater profits from the combination of technological development and mass specialisation .
As surplus labour has become ever more prevalent, so too should theories regarding it become more mainstream. Wages today are very rarely even closely correlated with actual value produced, instead capitalists exploit workers who are given little option but to work in order to maximise their personal profits.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about The Impact Of Foreign Labor On The Economy Of The United States

- America has always had a strong grasp of building new things and creating new ideas, so why is it that the ideals of creating new projects and goals are being taken away from the minds of American citizens. The manufacturing industry has been under constant threat from foreign work and markets for quite some time now, and unless something is done soon, we may see the end of this combination of creativity and hard work. Foreign labor is presenting a current threat to those who work in the industry of manufacturing today....   [tags: United States Congress, United States, Industry]

Better Essays
1366 words (3.9 pages)

The Impact Of Immigration On The Economy Of Canada Essay

- What impact does immigration have on the economy of Canada. This research points out possible effects on the employment and wages of domestic workers, Canada’s trade with other countries, the size and growth rate of the economy and the prices that Canadians pay for goods and services. Immigration has directly affected the through the addition of workers to the labor force. At the most basic level, immigration increases the supply of labor in the economy. More labor means more goods and services being produced, so that national output (GDP) rises....   [tags: Unemployment, Economics, Employment, Labor]

Better Essays
898 words (2.6 pages)

The Impact of Globalization on the Kenya Labor Market Essay

- While Kenya was definitely one of the leaders in the race towards globalization in Africa, their progression forward was plagued with stops and starts that put them at a disadvantage. It was actually not until 1993 that Kenya fully integrated itself into the global market1. As Africa gained full independence from its colonial masters, “the global trading system remained highly inefficient, with advanced economies drawing on their technological edge to enjoy tremendous market powers: monopoly or oligopoly on the supply side, and monopsony or oligopsony on the demand side (Blue Hippo).” Due to the inefficiency of the system it was even more difficult for Kenya to gain ground in the global eco...   [tags: economy, trade, reforms]

Better Essays
873 words (2.5 pages)

Global Economy Essay

- Global Economy’s Impact on Labor The global economy has had great impact on the labor force, affecting each country in its own way whether it deals with outsourcing and offshoring or unemployment. The term global economy means integrating the world economy through trade, production, and distribution while consuming goods and services. Globalization has progressively integrated its way into all countries and the United States has seen that on the rise with diverse ethnic, economic, and religious groups that work together in everyday tasks....   [tags: Impacts, Labor Force, Economy]

Better Essays
1369 words (3.9 pages)

Child Labor and its Effects Essay

- In today’s world, one would believe that the majority of Americans would oppose supporting a business that exploits the use of child labor to produce its goods. However, the odds are we all have in one way or another supported these businesses the last time we went shopping. Whether it is a toy for a child or a jacket to keep you warm, it was probably was made using child labor in one of the many different parts of the globe. The use of child labor is a major factor of the global economy in today's age of globalization where U.S....   [tags: Child Labor]

Better Essays
1550 words (4.4 pages)

The Labor Force Participation Rate Essay

- Have you ever worried about your job security. Have you ever considered that you may be replaced by a robot. Well if you haven 't, maybe you should. There have been many predictions that computers and robots will replace more and more jobs, resulting in either a near or completely jobless future. Controversially, many claim that technology will not ever threaten our jobs in a significant manner. This paper compares arguments between those that claim that technology will lower labor force participation rate, and those that argue that it wont, and explains why technological progress will cause the labor force participation rate to become lower and lower over the 21st century....   [tags: Supply and demand, Employment, Labor force, Labor]

Better Essays
1810 words (5.2 pages)

Creation of Labor Unions in Bangladesh Essay

- The act of unionizing, in any sense, shows the strength and oneness of a group of people. Whether it is the unionization of a school group or on a larger scale the unionization internationally, it is the ideal step in forwarding a group effort to move away from despicable acts of inhumanity and into the world of liberation. Such is the step needed to be taken in Bangladesh; where children are forced to work, where “minimum wage” is non-existing and gender discrimination is a constant up rise. Unionists in Bangladesh are facing much scrutiny even till this day....   [tags: child labor, gender, lobbying]

Better Essays
917 words (2.6 pages)

Impact Of Outsourcing On The Economy Essay

- Outsourcing is obtaining goods or services from a foreign supplier in place of going in the country for these things. There are many debated effects of outsourcing on the economy, and there are several pros and cons to this practice. Even though there are many pros, the overall economy of America would be better off with minimal outsourcing. The obvious pro of outsourcing is the lower cost of production and labor. Since some United States businesses are going overseas for products, the cost of that product is greatly reduced....   [tags: United States, Economy of the United States]

Better Essays
1227 words (3.5 pages)

The Impact Of Technology On The New Economy Essay example

- Technology has significantly changed our lives over the last couple centuries. From the industrial revolution to the digital revolution, it has affected not only the way we work and create things, but also the way we interact with information and even with each other. However, just like with the industrial revolution, some argue that today’s the rapidly evolving technology is replacing labor instead of complementing it and contributing, if not instigating, the wide disparity in income and the stagnant lower and middle-class wages observed in developed economies....   [tags: Working class, Middle class, Economics, Economy]

Better Essays
928 words (2.7 pages)

Impact Of Technology On The Labor Market And Wage Distribution Essay

- Introduction Recently there has been a shift of long lasting and full-time employment in large and basic manufacturing enterprises to nonstandard and short time work in the firms and service sector. Technological changes have fostered much of this transition because most enterprises adopt such advances in technology so as to get a competitive advantage in the market. The effects of technological are somehow highly beneficial to workers, but it also brings job dislocation and trauma in other settings of organizations....   [tags: Supply and demand, Employment, Technology]

Better Essays
1029 words (2.9 pages)