You must answer 4 of the 6 questions below. However, you are required to answer

Question

You must answer 4 of the 6 questions below. However, you are required to answer questions 1 and 2. Each question is worth 25 points. To receive full credit for each question, your answers must be at minimum 15 sentences long, it must answer every part of the question, it must include economic concepts that were taught in class and where necessary provide real world examples and empirical data. You must also explain your conclusions. Let me repeat, an answer that only states a conclusion and does not explain how you got to that conclusion will be marked down. Do not copy notes directly. Your answers must be in your own words. Do not plagiarize. You may work in groups, use the textbook, your notes, lecture notes posted on blackboard, the internet, articles and books, or other sources that you might find useful. However, if you are using an idea by someone else, you must cite her or him in the exam and add a reference page although you are not required to cite.

Question 4 — Distribution (Wage Determination) and Inequality

Explain how wages get determined from an orthodox and heterodox perspective (note this is asking about labor markets).  Your answer will need to include the concepts and the process behind these perspectives as well as the article by Dugger, (1981), “The Administered Labor Market”.  

What does wage determination have to do with unions (see graph below)?  What does wage determination have to do with inequality?  What are the causes and the consequences of income and wealth inequality (note, the consequences go well beyond monetary effects)?  According to Wilkinson, why is economic growth not a factor in wellbeing for developed countries?  

In the microeconomics textbook by Goodwin et al., what are they attempting to point out when they write, “perhaps most important, great wealth confers its owners with both economic and political power.  When the ownership of wealth is highly uneven, the power to direct the operations of businesses and to influence government policy through campaign contributions and the like may become concentrated in the hands of a relatively few” (p.224)?

What solutions are available to us to remedy low wages and increase equality?

Explanation / Answer

the wages should be fixed based on the skill and knowledge, experience and the toughness of the work. there should not be any kind of discrimination based on sex, gender, color and so on

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