Labor Economics Essay Example | Topics and Well Written Essays - 1000 words

Labor Economics - Essay Example James Watt had perfected the modern steam engine which became the foremost energy source and ushered the era of Industrial Revolution. The United States had declared its independence from England and thereafter became the epitome of industrialization. Eight hundred thirty seven years later, many postindustrial societies are transitioning to internationalized information societies that have brought about myriad changes and challenges which are the subjects and objects of the study of labor economics. 2. Discussion Labor economics is a social science that analyzes, makes inferences, and theorizes about organizations, institutions, and behavior of the markets for wage labor in industrializing, industrialized, or internationalized information economies. It seeks to understand the characteristics of suppliers of labor services, the demands of labor services, and the resulting pattern of wages, employment, and income (Wikipedia contributors). However, labor economics does not include it it s study the psychology or sociology of individual employment decisions, such as the emotional ill effects of unemployment or the social gain of wages and salaries or chosen type of work. Current market analyses usually do not take into consideration unpaid labor such as stay-at-home spouses who are raising children or caring for their elders although some recent studies have used the tools of labor economics to know the impact of nonworking spouses, children, and the elderly on household decision-making or on social topics such as marriage, fertility, discrimination, and crime in relation to the labor market. Because labor and the study of labor is of paramount importance and naturally linked to the wealth of a nation’s economy, it is essential that governments thoroughly analyze and investigate its many facets. Labor is the measure of human activity to produce goods or services defined in contrast with other factors of production like land and capital. Labor wages are remune ration for work completed per unit of time. In calculating labor by wages, hours, or efficiency, a business company can use these data in figuring the optimal work force and most favorable wages to maximize productivity and profitability. A government can also use this type of data to determine or curb unemployment and assess the impact of labor on a nation’s economy. A country’s labor force is the number of individuals age 16 and over (working age by law), who are employed, self-employed or actively seeking employment. The non-labor force are those individuals who are not seeking employment such as stay-at-home spouses, those who are pursuing education such as children, retirees, those who are institutionalized such as in prisons or psychiatric facilities, those in the military, and those doing civic service. The unemployment rate is the level of unemployment divided by the labor force. The employment rate is the number of people presently employed divided by the work ing age population. The labor market is quite similar to

The Nature of the Pharmaceutical Industry Assignment

The Nature of the Pharmaceutical Industry - Assignment Example I would ask them to give me the medications for now for the life of my loved one is in danger and will ask them to pay for it in installments. If they do not agree to this, I will have no other option besides breaking in and stealing the medicine, for the life of someone I love is in danger. At that particular time, I am not going to have any ethical consideration, because all that will be running in my mind would be saving the life of someone I love. I will be ready for the consequences of my actions because I am aware of the fact that what I would do is wrong and its result will not be in my favor but for the time being my initial goal will be nothing but saving someone’s life. I do not care if they will file a law suit against me for at that time my only priority will be saving the person I love. 2.  As the Chief Executive of a medicine supply business, it is my responsibility to ensure the safety of my consumer. If the product has caused any sort of harm in the lives of the people who are purchasing our products, so it the responsibility of our firm to pay the damaged caused. In this case, it will be better to first fix the problem that exists in the product before it causes anymore damage to the customers. However it is also very important to give compensation to the customers for the deaths of their relatives or families. It seems that this action taken by the company will ruin its reputation and name in the eyes of its customers, which is not true at all of our firm to .