Question3 10 pts This is a more complicated question that I hope is found intere

Question

Question3 10 pts This is a more complicated question that I hope is found interesting. As such I will give you at least 5 pts automatically for providing SOME sort of an answer. Think about the question in your own workplace. What is wrong (or right) with the view that labour is exploited by the owners of the means of production (the entrepreneur or "capitalist") by not being paid in wages the precise value that labour adds to the production (think in terms of The Labour Theory of Value), thus the entrepreneur capturing surplus value as profit for himself? EX: A construction worker adds a net of $20 for each hour he works and gets paid $15 meaning that the entrepreneur collects $5 as profit. You can use ideas such as the Labour Theory of Value vs subjective value, opportunity costs incentives, Net Present Valeu, etc... -See the Announcement) (Labour being the traditional method of spelling) HTML Editor Paragranh

Explanation / Answer

The view is absolutely right.

It is,indeed, wrong to not pay the labour for the value or revenue generated by him/her in the organisation. The work done by the labour adds value to the organisation more than what the entrepreneurship wil be able to achieve. Division of labour and specialisation plays a major role in the effficiency of the organisation only whe the employment of labour from diverse backgrounds.

The opportunity cost for the entrepreneurship is higher when working by himself/herself rather than employing peopel. When your livelihood or the success of the organisation depends on the workers, the owners should not be hesitant in providing them their rightful share for the wokr they do. verbal and monetary encouragement in needed to keep the workers' from shirking form their responsibilitties. Lower wage and no appreciation is goign to make their work worser ultimately affecting the revenue of the organisation and hence the entrepreneur's profit. The owner has to realise their incoem depends on the working of the employees which further depends on teh salar or remuneration they earn.

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