Concept and Need of Social Security Measures
Concept of Social Security Measures Social security measures are programs and policies designed to provide financial support and assistance to […]
Economics, MEC 205
November 2024
Building the Backbone: Understanding Infrastructure, Its Importance, Challenges, and Way Forward
Meaning of Infrastructure Infrastructure refers to the basic systems and structures that a country or community needs to function smoothly.
Pigou Approach to Social Welfare
The Pigou Approach to Social Welfare, named after economist Arthur Cecil Pigou, primarily deals with how to address the negative externalities (such as pollution) that arise from market activities and the resulting impact on social welfare.
Efficiency Wage Model
The Efficiency Wage Model suggests that paying workers higher wages than the market equilibrium can lead to increased productivity. By offering above-market wages, employers can boost worker morale, reduce turnover, and improve overall performance. This blog explores the theory behind efficiency wages, how they influence worker effort, and their impact on firm productivity and the broader economy.