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A, Subsistence theory - David Ricardo developed it - Workers are paid to subsist and perpetuate the race without increase - Low wage lead to decrease of labor due to death and malnutrition B. Wage Fund Theory - Adam Smith developed it - Surplus fund available for the employer - Focus on employer capacity to pay C. Surplus value Theory - Karl Marx developed it - Labor adds value to the product D. Bargaining Theory - wage level is determined by between employer and employees association E. Behavioral Theory - Norms, traditions, customs, goodwill and social pressure influence wage structure - Wages are best motivators of workers F. Marginal Productivity Theory - Demand and supply determined to labor wages - Value addition by the marginal worker is more than his costs G. Residual claimant theory - Wage against worker value addition - Land, labor, capital and entrepreneurship determined to wages for workers
I think option G is more relevant. If a person can add value to his profession he is always in demand.
Technology is a grat levelling facor. A person who can add value even if he resides in the3rd world can get high remunration if he does a quality job that is acceptable to the west. The BPO sector in India and Philipines thrive on this logic.
dear,my opinion is that there is no theory,only one thing can determine what would be the right salary,and,we ve to answer every day ourselves looking in the eyes of them.
the question must be:how much i can trust on my employee.what is his reliability?
how long i can sleep thinking he made the right work on my behalf-
once got these response you will be able to give him the expected salary:
I think, option G, is more relevant.
