With advances in science and technology, it is possible for the goods and services needed by all the people to be produced with less hours of work and higher productivity.
If the required quantum of work is shared fairly among all those who are willing to work, it will be possible for each person to work lesser hours that they do now.
In a competitive environment, some people will work longer hours to ensure that their jobs are secure. This will cause other people to be unemployed.
The business owners can pay lower wages when there there is a limited supply of work and an over-supply of workers looking for work. With lower wages, they can make a larger profit.
This is a short sighted approach. If people have lower wages or are unemployed, they will have less money to spend on other things. This will further reduce the demand and contract the economy.
A better system is to have the work fairly distributed among the available workers, so that everyone will be employed and can enjoy a fair wage. They will have money to consume other services, such as leisure and entertainment. This will create demand for the production of other goods and services.
A healthy economy depends on the ability of people to get employment at fair wages. It requires legislation on the maximum working hours (so that the work is fairly distributed among the workers) and a minimum wage, so that all workers will earn enough to meet the cost of living and be able to have additional money for savings or to be spent on leisure.
Tan Kin Lian
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09/27 - 10/04
- Crashgate - it ain't over
- An honest agent
- RED Portal (15) Property Report
- Free market (11) - Customer satisfaction
- Tough time ahead for US and global economy
- Digital Health Records in USA
- Electronic Medical Record - Singapore
- Marketing technique of property consultant
- Privacy of patient data
- Central Medical Records
- Benefit Illustration for a Life Insurance Policy
- Special treatment for Minibonds
- Free market (10) - Consumer protection
- Difference of 20% in Term Insurance premium
- RED Portal (16) - Nearby Projects
- Bad advice by agents on Term Insurance
- US economy is still struggling
- Minibond holders may get back some money
- Waste in health care
- Swiss health care system
- Book: Bad experience on financial products
- Talk on solving puzzles
- High upfront charge
- Lower return expected in the future
- Slot in cash card to enter and leave car park
- Scam involving Australian property
- Free market (9) - Corporate social responsibility
- Financial innovation that are useful to consumers
- Free market (8) - Access to credit
- Protect the interest of first time home buyers
- Old ezLink cards cannot be used from 1 Oct 2009
- Law professors lobby for consumer protection agenc...
- Financial innovation
- Health care system in Germany
- RED Portal (15) - Rental Rates
- ProTrader - Financial Trading Game
- Impact of a reduction in yield
- Taking a housing loan
- Using bicycle for the last mile
- Accumulation of Savings
- Free market (7) - Lower fixed cost
- Taxation and social services
- Australia court allows claims against Lehman
- RED Portal (14) - Transacted Prices
- Elevated covered walkways
- Free market (6) - Opportunity to work
- Attracting business into Singapore with lower taxe...
- Fair distribution of work
- Rate of pay
- FISCA Assistance to consumers
- Free market (5) - Cooperation, not competition
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