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Encyclopedia > Wage

A wage is a compensation which workers receive in exchange for their labor. The coincidence of wants problem (often double coincidence of wants) is an important category of transaction costs that impose severe limitations on economies lacking money and thus dominated by barter or other in-kind transactions. ...

Contents

Defining what is considered a wage

Labor and finance fields

In labor and finance settings a wage may be defined more narrowly to include only cash paid for some specified quantity (measured in units of time) of labor. Wages may be contrasted with salaries, with wages being paid at a wage rate (based on units of time worked) while salaries are paid periodically without reference to a specified number of hours worked. Once a job description has been established, wages are often a focus when negotiating an employment contract between employer and employee. Quantity is a kind of property which exists as magnitude or multitude. ... A pocket watch, a device used to tell time Look up time in Wiktionary, the free dictionary. ... Salary is a form of periodic payment specified in an employment contract. ... An employment contract is an agreement entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... Employment is a contract between two parties, one being the employer and the other being the employee. ...


In economics

Economists define wages more broadly than just cash compensation and include any return to labor, such as goods workers might create for themselves, returns in kind (such as sharecroppers receive), or even the enjoyment that some derive from work. For economists, even in a world without others, an individual would still acquire wages from labor: food hunted or gathered would be considered wages and any returns resulting from an investment in tools (such as an axe or a hoe) would be deemed interest (a return on a capital investment). This article needs additional references or sources for verification. ... Sharecropping is a system of farming in which employee farmers work a parcel of land in return for a fraction of the parcels crops. ...


Determinants of wage rates

Depending on the structure and traditions of different economies around the world, wage rates are either the product of market forces (Supply and Demand), as is common in the United States, or wage rates may be influenced by other factors such as tradition, social structure and seniority, as in Japan. The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ...


Several countries have enacted a statutory minimum wage rate in an attempt to prevent the exploitation of low-paid workers. Lady Justice or Justitia is a personification of the moral force that underlies the legal system (particularly in Western art). ... The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are determined by the forces of supply and demand in a free market. ...


Etymology

Look up wage in
Wiktionary, the free dictionary.

Wage derives from words which suggest "making a promise," often in monetary form. Specifically from the Old French word wagier or gagier meaning to pledge or promise, from which the money placed in a bet (wager) also derives. These in turn may derive from the French gage to wager, the Gothic wadi, or the Late Latin wadium, also meaning "a pledge". Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 150 languages. ... This article needs additional references or sources to facilitate its verification. ...


Wages in the United States

In the United States, wages for most workers are set by market forces, or else by collective bargaining, where a labor union negotiates on the workers' behalf. The Fair Labor Standards Act requires a minimum wage at the federal level although states and cities can and sometimes do set their own higher minimum. For certain federal or state government contacts, employers must pay the so-called prevailing wage as determined according to the Davis-Bacon Act or its state equivalent. Activists have also undertaken to promote the idea of a living wage rate which would be higher than current minimum wage laws require. The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... A Collective agreement is a labor contract between an employer and one or more unions. ... A union (labor union in American English; trade union, sometimes trades union, in British English; either labour union or trade union in Canadian English) is a legal entity consisting of employees or workers having a common interest, such as all the assembly workers for one employer, or all the workers... The Fair Labor Standards Act of 1938 (FLSA, ch. ... The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are determined by the forces of supply and demand in a free market. ... The neutrality of this article is disputed. ... Living wage refers to the minimum hourly wage necessary for a person to achieve a basic standard of living. ...


See also for more information

Compensation of employees (CE) is a statistical term used in national accounts, Balance of Payments statistics and sometimes in corporate accounts as well. ... The neutrality of this article is disputed. ... Employee benefits (also called fringe benefits, perquisites, or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. ... Living wage refers to the minimum hourly wage necessary for a person to achieve a basic standard of living. ... Labor power (in German: Arbeitskraft, or labor force) is a crucial concept used by Karl Marx in his critique of political economy. ... The proletariat (from Latin proles, offspring) is a term used to identify a lower social class; a member of such a class is called a proletarian. ... This article or section does not cite any references or sources. ... Slave redirects here. ... Wage labour is the socioeconomic relationship between a worker and an employer in which the worker sells their labour under a contract (employment), and the employer buys it, often in a labour market. ... The wage share is the ratio between compensation of employees (according to the system of National accounts) and one of the following variables: gross domestic product at market prices gross domestic product at factor cost. ... Wage slavery is a term used to refer to a condition in which a person is legally (de jure) voluntarily employed but practically (de facto) a slave. ... The term working class is used to denote a social class. ...

External links


  Results from FactBites:
 
City of Toronto: Fair Wage Office, Fair wage policy (0 words)
Establishing fair wage rates and schedules are intended to minimize potential conflicts between organized and unorganized labour in the tendering and awarding of civic contracts.
The Fair Wage Office will have the authority to request any information respecting wages of workers, names of workers, records of amounts paid to each, paysheets, original books, etc. that may be desired by the Manager in connection with a contract that has been substantially completed within the past six months.
In case of a jurisdictional dispute or dispute as to rate of wages to be paid under the contract or as to the amount to be paid to any worker, the decision of the Manager, Fair Wage Office, shall be final and binding upon all parties.
National Average Wage Index (0 words)
To determine the national average wage index for calendar year 2005, we increased the 2004 national average wage index of 35,648.55 by the percentage increase in average wages from 2004 to 2005, as measured by annual wage data tabulated by the Social Security Administration (SSA).
The average amounts of wages calculated directly from the SSA data were $34,197.63 and $35,448.93 for 2004 and 2005, respectively.
To determine the national average wage index for 2005 at a level that is consistent with the national average wage indexing series for prior years, we multiply the 2004 national average wage index of 35,648.55 by the percentage increase in average wages from 2004 to 2005 (based on SSA-tabulated wage data).
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