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Mansa Musa was the ruler of the Mali Empire in West Africa. Details recorded here should be sourced; unknown information is left blank.
MORE →Reflects the personal views, recollections, and perspective of the author, Mike Davis.
This is a personal recollection on the Move fire on May 13, 1985
In mainstream economic theories, the labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate. It is frequently represented graphically by a labour supply curve, which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally. There are three distinct aspects to labor supply or expected hours of work: the fraction of the population who are employed, the average number of hours worked by those that are employed, and the average number of hours worked in the population as a whole.
Labour supply curves derive from the 'labour-leisure' trade-off. More hours worked earn higher incomes, but necessitate a cut in the amount of leisure that workers enjoy. Consequently, there are two effects on the amount of labour supplied due to a change in the real wage rate. As, for example, the real wage rate rises, the opportunity cost of leisure increases. This tends to make workers supply more labour (the "substitution effect"). However, also as the real wage rate rises, workers earn a higher income for a given number of hours. If leisure is a normal good—the demand for it increases as income increases—this increase in income tends to make workers supply less labour so they can "spend" the higher income on leisure (the "income effect"). If the substitution effect is stronger than the income effect then the labour supply slopes upward. If, beyond a certain wage rate, the income effect is stronger than the substitution effect, then the labour supply curve bends backward. Individual labor supply curves can be aggregated to derive the total labour supply of an economy.[1]
From a Marxist perspective, a labour supply is a core requirement in a capitalist society. To avoid labour shortage and ensure a labour supply, a large portion of the population must not possess sources of self-provisioning, which would let them be independent—and they must instead, to survive, be compelled to sell their labour for a subsistence wage.[2][3] In the pre-industrial economies wage labour was generally undertaken only by those with little or no land of their own.[4]
It is utterly important to know the effects of contraceptive pills on women's labor supply to study further about the Female Labor Supply. Two innovations in the theory of household behavior have broadened the analysis of labor supply in recent years. One is the conceptualization of the labor supply as being linked to decisions about a variety of nonmarket activities such as pregnancy, education, and marriage. The second is to observe wage rates both in the market and in the home as choice variables that are influenced by the behaviors of household members in terms of job search, employment, and investment.[5]
The first birth control pill, Enovid was released in 1960. Enovid changed the perspective of women in the workforce. Thanks to the contraceptive pill, women now had more control over family planning, which in turn led to more control and flexibility in terms of choosing occupational and career paths/goals. There is also evidence to support that at all levels of received education, this form of contraception has had long-term and far-reaching implications on Women's labor force participation rates.[6] Historically, empirical research has lacked in the field of oral contraceptives and its impacts on Women and labor force participation. The pill's introduction in 1960 and subsequent widespread use coincided with the revival of the Women's movement at the time. Furthermore, abortion became more widely available around the same time that many young women obtained access to the pill. Evidence suggests that these breakthroughs in Women's sexual health had significant impacts on their fertility and employment/career endeavors.[6] According to Katz and Goldin, the wider access to contraceptive pills brought about two major economic changes. First, it brought drastic changes in women's educational and career-oriented choices. In earlier years, if a woman wanted to follow her dreams of obtaining a higher education she had to delay her marriage and it came with certain social costs. She would either have to pay a penalty for sexual absenteeism or take a chance that she won't be pregnant and that her investment in he career would not go wasted. This was called the direct effect of the pill. The second was the indirect effect according to Katz and Goldin. They coined this effect as the social multiplier effect. This had an impact on both men and women. Because men also had now an opportunity to delay the marriage and not pay the huge penalty for it. Now, since everyone got the chance to delay their marriage, it created a great pool of people or better chances of marrying someone with a better match.[7]
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Source: Wikipedia. Article content is retrieved live through the MediaWiki API.
In mainstream economic theories, the labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate. It is frequently represented graphically by a labour supply curve, which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally. There are three distinct aspects to labor supply or expected hours of work: the fraction of the population who are employed, the average number of hours worked by those that are employed, and the average number of hours worked in the population as a whole.
In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as real (inflation-corrected) wages increase beyond a certain level, people will substitute time previously devoted for paid work for leisure (non-paid time) and so higher wages lead to a decrease in the labour supply and so less labour-time being offered for sale. The "labour-leisure" tradeoff is the tradeoff faced by wage-earning human beings between the amount of time spent engaged in wage-paying work (assumed to be unpleasant) and satisfaction-generating unpaid time, which allows participation in "leisure" activities and the use of time to do necessary self-maintenance, such as sleep. The key to the tradeoff is a comparison between the wage received from each hour of working and the amount of satisfaction generated by the use of unpaid time. Labour supply is the total number of hours that workers to work at a given wage rate. Such a comparison generally means that a higher wage entices people to spend more time working for pay; the substitution effect implies a positively sloped labour supply curve. However, the backward-bending labour supply curve occurs when an even higher wage actually entices people to work less and consume more leisure or unpaid time.
Labour economics is the subfield of economics concerned with the study of labour as an input to economic production. Broadly, it surveys labor markets and the economic decisions of agents (i.e., workers and employers) participating in such markets. Topics of study include the labour supply of workers and how it is affected by variables such as age, education, gender and childbearing, as well as the labour demand by firms searching for different forms of labour as an input in the production of goods and services. Other topics of study in labour economics include schooling and human capital, inequality and discrimination, collective bargaining and trade unions, technological change and unemployment, ownership and monopsony, and public policies such as unemployment benefits, pensions, health care and minimum wages.
In economics, a negative income tax (NIT) is a system which reverses the direction in which tax is paid for incomes below a certain level; in other words, earners above that level pay money to the state while earners below it receive money. NIT was proposed by British writer and politician Juliet Rhys-Williams while working on the Beveridge Report in the early 1940s and popularized by American economist Milton Friedman in the 1960s as a system in which the state makes payments to poor people when their income falls below a threshold, while taxing them on income above that threshold. Together with Friedman, supporters of NIT also included James Tobin, Joseph A. Pechman, Jim Gray and even then-President Richard Nixon, who suggested implementation of modified NIT in his Family Assistance Plan. After the increase in popularity of NIT, an experiment sponsored by the US government was conducted between 1968 and 1982 on effects of NIT on labour supply, income, and substitution effects.
Before the 1921 destruction of Tulsa’s Greenwood District, Black residents had created a remarkable center of business and community life. The district included stores, professional offices, entertainment venues and homes owned by Black citizens. Understanding Greenwood means learning what was built—not only what was burned.
MORE →Madam C.J. Walker
