Week 6 Discussion: Forum 3 - Discussion Forum Group 1 Essay

Week 6 Discussion: Forum 3 – Discussion Forum Group 1
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Week 6 Discussion: Forum 3 – Discussion Forum Group 1
Question 1
Since the industrial age, the factors of production have been in the hands of few people implying that the greater majority of the population constitutes the workforce. Things have even worsened in the technological era (Bruckner, LaFleur, & Pitterle, 2017). Further, the rate of inflation relative to the increase in wages has been demoralizing (Forder, 2014). Wage increase has been sluggish, meaning that the greater population has been at a significant disadvantage. The workers find themselves in very precarious situations to meet their daily necessities and those of their families. In essence, they have minimal options when it comes to job choice. Besides, the high level of unemployment translates to quick replacement if they appear to disrupt the firm’s operations or fail to be efficient and effective. Consequently, they are in a trap they are unable to escape.
The free-market theory of compensating wage differentials takes into account the nonwage features that are associated with a specific job. In other words, this ideology is predicated on the pleasantness or unpleasantness of the job. There is no place in the associated casual attitudes that define this theory, particularly in modern economics. This theory is a little more than common sense. This position provides an understanding of Adam Smith’s disregard to neither justify nor support it (Dorman, 2009). However, its effectiveness is dependent upon a couple of factors. The availability of income and more so, in what quantity determines the success of this event. Alternatively, there is a high level of unemployment across the globe today that people are willing to work at very low wages. This position is against their will because they are well aware that if they fail to accomplish the task, someone else will complete it.
Rosner’s (2000) article highlights the horrendous injuries that workers have undergone while working in dangerous factories. Most of those injuries and deaths convey a sense of complacency from the authorities...