Question

PART III: Applied Theoretical Problems (75 points each) The Assignment 1. Imagine that we are in Europe in the 15" Century. There are three groups of people: Royalty, Landlords, and Serfs (workers). During the last decade of the century, the plague ('Black Death') eliminates 1/3 of the Serf population. a. Explain the labor market for Serfs (i.e., supply, demand, wage, and employment level considerations) before and after the plague. b. What should happen to the use of animal power-horses and donkeys (why)? c. Should Royalty encourage Serf women to enter the labor force? Consider the short-run and long-run implications to the Kingdom. d. Should Royalty invest in the public health of Serfs better food, sanitation, water? Discuss your response. e. Should Royalty support the immigration of Serfs from other countries? Why or why not? 2. Return to 15th Century Europe (assignment one) Population is restored and Serfs, Royalty, and Landlords are joined by a new group of middle-class industrialists. They have built factories employing thousands of people in unskilled, skilled, and management positions. Most unskilled are Serfs, most management are Landlords or Industrialists. Skilled workers come from all groups. a. Assume Royalty decides to experiment with an efficiency wage concept in one working class-do you believe the result would be most productive when applied to unskilled, skilled, or management positions. Explain the reasoning behind your choice. b. Fearing a Serf revolt, Royalty has decided to pass an education bill that will support elementary, high school, and college (higher education) of all people in the Kingdom. Based on the information from the human capital topic, what do you believe is the primary benefit of the education bill on the Kingdom? In contrast, describe your biggest concern that may arise in time across the Kingdom given this new investment in human capital. c. To the extent that there is discrimination in the 15th Century European labor market, do you think the source is most likely to be employer, employees, or customers? Explain your response.

mainly need help on question 2

Answer 1

2. a) Yes. The result would be productive. because The efficiency wage impacts the nature of work by inspiring specialists, expanding labourer spirit and profitability, pulling in talented labourers, and decreasing representative turnover. By paying an efficiency wage, firms can keep the most productive specialists and increment their profits. Efficiency wages will be wages that are higher than the market harmony. Firms that pay efficiency wages could bring down their wages and contract more specialists, yet decide not to do as such. A few reasons that directors may pay efficiency wages are to abstain from evading, diminish turnover, and draw in productive representatives.

b) Education is key to improvement and development. The human mind makes conceivable all improvement accomplishments, from well being propels and agrarian advancements to effective open organization and private area development. For nations to receive these rewards completely, they have to release the capability of the human mind. What's more, there is no preferable instrument for doing as such over education.

It helps in expanding person's efficiency as well as animates development and makes capacity to assimilate new innovations. It upgrades the present financial condition and improves the future possibilities of a nation. Education is an investment in human capital that pays off in terms of higher productivity.

c) Discrimination Based on Religion, Ethnicity, or Country of Origin. Managers and worker's organizations have an extraordinary job in guarding against unlawful working environment discrimination. In a large portion of Central and Eastern Europe, worker's guilds that were commanded against demonstrations of hostile to association discrimination in regard of their business.

For a great part of the period from the fifteenth century till now, during which Europeans and Africans have been associated through exchange, realm and movement, both constrained and deliberate, Europe has seen the individuals of Africa through the mutilating cover of bigotry and racial hypothesis. In the British case a great part of the scatter of generalizations, pseudo-science and wild guess that combine to frame bigotry emerged from the political fights battled about the slave exchange and subjection, during the most recent many years of the eighteenth century and the main many years of the nineteenth. The men who set out to safeguard servitude gathered an immense weapons store of new cases and old speculations about dark individuals, which they at that point systematized, refined and dispersed through books, handouts, kid's shows and discourses.