Match the following theories of wages List - I with their propagators List - II : List-IList-II (a)…
In the history of wage theories as paired in this question, Karl Marx emphasized how the historical and social Standard of Living determines the value of labour power…
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Match the following theories of wages List - I with their propagators List - II :
| List-I | List-II |
|---|---|
| (a) Standard of Living theory | (i) J.S. Mill |
| (b) Wage Fund theory | (ii) J.B. Clark |
| (c) Residual Claimant theory | (iii) Karl Marx |
| (d) Marginal Productivity theory | (iv) Francis A. Walker |
Answer and explanation
Correct answer A
In the history of wage theories as paired in this question, Karl Marx emphasized how the historical and social Standard of Living determines the value of labour power ((a)-(iii)), John Stuart Mill propounded the Wages Fund Theory ((b)-(i)), Francis A. Walker formulated the Residual Claimant Theory ((c)-(iv)), and John Bates Clark developed the Marginal Productivity Theory of Wages ((d)-(ii)).
Practice for these exams
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UGC NET HRM / Labour Welfare and Industrial Relations