Celebrating Silver Jubillee
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Economics of Minimum Wage
Economists are split over the merits of the minimum wage. There are some of the most convincing arguments for and against the minimum wage. This issue has become more relevant in the wake of on going debate over the wage system under MNREGA in India. Most economists believe that minimum wage laws cause unnecessary hardship for the very people they are supposed to help. The reason is simple: although minimum wage laws can set wages, it cannot guarantee jobs. In practice it often pushes price low-skilled workers out of the labor market. Employers typically are not willing to pay a worker more than the value of the additional product that he/she produces. This means that an unskilled youth who produces Rs.250/- w orth of goods in an hour will have a very difficult time finding a job if he must, by law, be paid Rs.300/- an hour. As Princeton economist David F. Bradford wrote, “The minimum wage law can be described as saying to the potential worker: ‘Unless you can find a job paying at le...
Release of Indian Dominion on Completion of Twenty Two Years Noida: Print media is the mother of all the mediums. When it gets printed it makes the part of the history of the country. I congratulate Asmi Raza for putting his heart and soul in maintaining the standard of Indian Dominion for Twenty Two years in publishing and edit this beautiful magazine” said Sandeep Marwah President of Marwah Studio at a grand function on the release of new issue of the magazine.“I am indebted to friends like Sandeep Marwah for supporting morally and spiritually the magazine for all these years that we could bring the magazine to National standard. Hard work and perseverance pays in life,” said Asmin Raza the publisher and editor of Indian Dominion.“The magazine must contain glamour and it comes from authentic and colorful pictures. We are ready to contribute to high profiled pictures to the magazine,” suggested Arun Anand head of Still Photography department of AAFT.“Environment and climate...
Time to link jobs with Economic Expansion As many as five million jobs were lost between 2004-05 and 2009-10, paradoxically during the time when India witnessed the highest and consistent eight per cent growth in its economy, throwing a big question whether growth should be linked to employment generation, an ASSOCHAM study has said. On the one hand, about 13 million youth are entering the labour force every year , on the other hand, the gap for the employment and growth got only widened during the period of study which noted that over-emphasis on services and neglect of the manufacturing were mainly responsible for this “jobless growth” phenomenon. The Indian economy went through a period of “jobless growth” when five million jobs were lost between 2004-05 and 2009-10 while the economy was growing at an impressive rate of more than eight per cent annually. According to the Census India data, the number of people seeking jobs grew annually at 2.23 per cen...
