Econ Digest 2020-21

97 Source: Hindustan Times Many leaders have tried to put to Bibliography: an end to this issue of 1.Human Rights Watch. (2001). discrimination in labour. People in “Caste discrimination: A Global the society have to understand Concern” how giving opportunities to all of the above-mentioned oppressed 2.IDSN. (2016). “ Caste sections can be of great value Discrimination in India” addition to the country’s economy and national income. A change can 3.Sukhdeo Thorat. (2018). be brought about only with the “Scheduled Castes among worst change in the mindset of every sufferers of India’s job problem”. constituent of the society people The Hindustan Times. live in. The need for change should come from within and the goal of 4.Madhura Swaminathan. (2010). the greater good of the nation “Caste & the labour market”. The should be kept in mind while Hindu. forming opinions and discriminating people from getting employment.

98 Source: Global Gender Gap Report 2020, World Economic Forum \"Liberals say we should end employment discrimination. I say we should end employment.\" ~ Bob Black GENDER PAY Gender combat :Gender gap in the labour market is one of the compelling challenges faced around GAP- NOT JUST A globally, where the whole conceptual difference rose due to the general assumption of women being WOMEN’S ISSUE less capable, less reliable or committed compared to men. This fences women’s access to good employment opportunities and they still remain restricted. Women are highly discriminated against in terms of unequal pay, quality opportunities, By Deepthi Balaji unfavourable hiring strategies of firms, prevalent sexual harassment, bias and so on. According to a III BA Economics research (1987) by Katz at Northeastern University, an experiment was undertaken to measure the degree of sex discrimination in the hiring process. The results singled out the fact that men were given preference in terms of reliability, salary, fit etc.

99 Looking at the Indian market of A case of the number of men and labour statistics, the situation is women employed was studied in the notoriously unpleasant to women. banking and financial sector, to judge This is a matter of exorbitantly the prevalence of recruitment bias. The significant issue as women constitute occupational distribution in companies one- third of our population. Only a like IBM was studied, the outcome of little per cent of women are placed in which revealed that high-paid positions better conditions in terms of both such as specialists, accountants, payment and infrastructure. For investment specialists, appraisers of instance, in the utility industry (one loans and collateral etc. are all handled of the high payment sectors), women by men. constitute only 0.08 per cent. Urban labour markets are specifically Despite the law prohibiting unfriendly to women. The gender discrimination on grounds of gaps in urban areas are much wider. gender in the workplace, there are Female unemployment prevailed deviations in today’s reality. over 7 per cent compared to 3 per Around the 1940’s, equal pay was cent in the case of male not really an issue in banks, unemployment. Against over one- because men and women were not third of rural workers, only around 17 employed on the same job kinds. percent of urban workers are Women were hired exclusively for women. In larger cities, their share is common daily routine jobs , filing, still lower ( around 15 percent only). and routine clerical jobs, and not This condition is all-pervasive, not for any major specialized jobs in just in our nation, but across the banking areas. During World War globe. Gender-based pay gap, in II , the employment of women was today’s world, has grown into a the first time for main jobs such as concerning conundrum in both clerks and in other significant developed and developing countries, positions at the same rate of pay despite efforts being made by the as men, and this policy has been governments, in the form of continued since then. legislation and laws. Conclusion: How impactful are these laws Management of firms considered and legislation? Do they truly that women should receive the bring an effectual change in the same pay as men for the same kind state of women? et us look at one of work, although women will be of many case studies undertaken more content and are more likely by the Department of Labour in to be dedicated to working harder the United States that throws than men when they were treated light on equal pay better. fairly.

Taking an overall look, the equal- 100 pay policy was fair to women, Therefore, it is time to accept ,realize and work towards helping making them immensely to foster gender equality by raising awareness through equal happy.Even top companies like training and ensuring fair treatment, shine spotlight on Duolingo and Bloomberg etc., have talented and successful women by giving fair chances of tried to correct the gender gap opportunities, clearly formulate strict anti- discrimination rules and based on ‘recruitment ratio of polices, implement gender - neutral recruitment processes so on. 50:50, where employment wasn’t Bibliography based on gender classifications, 1.Christina Pavlou. (n.d.). “Gender inequality in the workplace: A lack but that we should hire the best of women in leadership”.Workable. people instead’. Prior to this, 2. Cailin Susan Stamarski, Leanne Son Hing. (2015). “Gender Iceland got in legislation requiring inequalities in the workplace: the effects of organizational firms to provide authentic proof structures, processes, practices, and decision makers’ sexism”. that both men and women are University of Guelph. being compensated equally and 3. Harvard Summer School. (2014). “Gender Inequality and Women in fairly, or face daily fines based on the Workplace”. Harvard Summer School Blog. their work positions alone. Apart from this,the constitutions of almost all nations are making room for favouring and uplifting women, who are indeed considered as the weaker sex in this male- dominant society. According to the International Labor Organization (ILO), women are made to work longer hours only to receive low or no wage compared to men, although jobs performed are significantly identical. Women’s participation in the workforce remains low on a global scale, where severe poverty, lack of affordable care for family and children influences their participation negatively. In developing countries, access to a safe environment , transportation is also a huge hindrance to their participation.

101 Source: orfonline.org (Yawar Nazir/ Getty) THE PLIGHT OF Migration in the labour market has been happening MIGRANTS IN A for many years due to various reasons. It can be because of poverty, lack of proper education, PANDEMIC unemployment, skewed infrastructural development, ECONOMY pay disparity, lack of opportunities and many such factors. Many labourers from Bihar and Uttar By Amritha Rao. S.B. Pradesh migrated to Gujarat and Maharashtra and to other metro cities. Due to the pandemic, the I BA Economics central government announced a nationwide lockdown, millions of labourers across India lost their jobs and income and went back to their hometowns. They boarded busses and trains in order to reach their hometowns and many migrants died on Shramik Special trains, and when the public transportation was stopped, they were forced to walk all the way with their children and belongings. Manfur Nishad, from a village near Kalpi, Uttar Pradesh was working in a sari firm in Gujarat and it shut down when the lockdown happened.

He had no income, ration and left 102 with no other option, he decided to return back to his home state. He She said that she was scared along with his twelve colleagues had that she has to probably restart to travel by bus for which he didn’t her career because of COVID – own even a rupee, but they managed 19. She has stopped working to somehow get financial help from a from mid – March and also senior policeman at Rajpipla. Despite been supporting her sister’s all these struggles he could reach education. Jalaun which was still 45 km from his home. The plight of the migrant labourers is that they do not The home states are benefited come out of poverty since all through migration as the labourers their earnings just barely send remittances in a regular time provide them and their family period which are stable as well. the basic needs, the quality of Migrants are mostly young and they their life seldom improves. also have a positive impact on public money. They promote the employable Though migrant labour is population in the economy. They also organized, it is not quantifiable to contribute to the human capital a large extent; so it becomes development of the receiving states increasingly difficult for the with their skills. government to reach out to this Migration cannot be quantified, but it segment for its various schemes. benefits both, the employer and the The flip side of labour migration is labourer in the sense that labour gets that the local population is comparatively better paid and the deprived of jobs thereby resulting former gets comparatively cheap in the lack of motivation to labour. Migration prevails in almost all acquire, upgrade and master a skill sectors of the economy, be it in the set. The large influx of migrant service sectors like beauty salons and labour breaks down the already hotels, manufacturing, construction heavily inadequate infrastructure and skilled labour like carpenters, in large cities leading to the welders etc. creation of newer slum areas, encroachments and rise in criminal Grace Niangsianchin is a 24- activities due to the frustrations of year-old girl hailing from the local labourer.The migrant Churachandpur district in labour can be dissuaded from Manipur, was working as a migrating if the conditions in the beautician in Chennai, Tamilnadu. home states are conducive to their expectations of a decent well being, but this does not appear

103 feasible in the foreseeable future 2.Khanna, A. (2020). “Impact of because of various factors such as Migration of Labour Force due to lack of political will and their Global COVID-19 Pandemic with corrupted ways, alternate means Reference to India”. Journal of of livelihood in the home state, the Health Management, annual ritual of the migrant labour to move elsewhere, and labour 3.Globalization 101. (2018). contractors or agents who exploit “Economic effects of Migration”. and manipulate labour for their The State University of New York. own selfish needs. 4.OECD. (2014). ”Migration Policy Debates” Bibliography: 5.Rashid, O. (2020). “Coronavirus 1.Jebaraj, P. (2020). “Less than 34,000 lockdown | Back in U.P., migrants inter-State migrant workers in 2019-20, stare at an uncertain future”. The says government”. The Hindu Hindu. 6.Vangamla Salle K.S. (2020). “COVID-19 crisis: Uncertainty ahead for migrant workers”. EastMojo. DID YOU KNOW? Inemuri is a Japanese practice , which means 'sleeping on the job','being present while asleep'. In Japan, napping in office, during work is normal and is seen as a sign of hardwork. The practice is more prevalent among senior employees in white-collar professions.

104 Source: sabrangindia.in INFORMAL Outside the mainstream work environment exists a SECTOR- THE creamy layer of jobs which unfortunately withstands UNDERDOGS OF most of the working force of the country. This is the informal sector of India. Contributing to the unequal INDIAN status quo in employment, it also breeds quite the ECONOMY amount of labour issues that go unnoticed most of the time. By Akshara M.V. The informal sector is where work which people carry out on a daily basis is not recognized under III B.A Economics. the mainstream jobs undertaken in the society as a whole. The informal sector mostly consists of those classes of people who fail to get employment in the organized sector due to inadequacy in education, and lack of interest and professionalism. Such job seekers, with no choice left, go for the alternative source of employment to earn income, under a cloak which does not ensure security of jobs like the organized sector does. This ‘cloak’ is what is termed as informal or unorganized sector.

The informal segment is responsible 105 for maintaining India’s unequal status quo. In fact, it is responsible In this manner,the process of for aggravating the existing divide savings and investing is naturally in the standards of living amongst restricted to the mainstream the population. economy under the organised sector.From the data collected by Concerning Issues faced by the Ministry of Labour and Informal Sector Workers: Employment, the real average Firstly, low-skilled labourers who daily wage in India’s organised are desperate enough to work for sector was Rs. 513 whereas the miserly wages in order to meet their corresponding wage in the subsistence requirements largely informal sector stood at Rs. 166 in constitute the labour force of the the year 2011. informal sector. Since unorganised While the introduction of the firms operate outside of the Unorganised Workers’ Social jurisdiction of corporate law, Security Act, 2008 and The Code workers in their employ are assured on Social Security, 2019 are of neither job-security nor social conducive to the conservation of protection, making their condition the rights of unorganized deplorably bad. India’s elephant- labourers, they have not been like population makes it easy for very effective. malicious entrepreneurs to exploit an oversupply of menial labour with Thirdly, the unorganised firms are ease. Secondly, the expendable disadvantaged in comparison to the nature of the unorganised labour organised ones in terms of access to force causes wages to remain at financial services from banks, minimal levels, sometimes lower exposure to new information and than the legal minimum. technology, etc. The plight of the workers magnifies as they come Several institutional factors such together jointly in an enterprise – as lack of technical and they are unable to expand and thrive vocational education, lower due to their unorganised nature. socio-economic status contribute These enterprises prioritise cutting to the workers’ inability to costs wherever they can to compete improve their work-expertise in with firms under the organized sector, such a paradigm. As a result, henceforth operating as boorish and they are deprived of career backward as the can.This ‘boorish’ growth opportunities and finally behaviour acts as a setback to the are deprived from the capacity to unorganised sector in terms of accumulate significant savings. infrastructure and accessibility to market.

Tainted by disguised 106 unemployment due to an oversupply of labourers, the Source: knowledgeone.ca agricultural sector is a ‘stellar’ example of how the informal Suggestions to improve the economy functions; it employed working conditions of Informal 55% of the nation’s labour force in sector labourers: 2017 but contributed a meagre Organising the ‘unsecure’ chunk 16% to the GDP. As V.K.V.Rao of population is the first step once said, “..progress in towards pulling them out of development has to be preceded, marginal poverty. As iterated accompanied and followed by before, unemployment is a progress in infrastructure...”, the pressing issue in this innumerably lack of which hampers economy’s populous country, which smooth functioning.Therefore, forcefully nudges these people these industries are in a desperate towards settling to any kinds of need for infrastructural jobs that pay them, secure or transformation. unsecure. With the economy facing a Fourthly, the automation of manual dilemma of simultaneously labour is revolutionising labour- securing the future of an ever- intensive production worldwide increasing labour-force and and is predicted to result in the sustaining high levels of obliteration of millions of jobs. economic growth through the Raising efficiency in production adoption of capital-intensive negates the need to employ such technology in production, it is additional inputs, in this case, the role of the government to labour, if such are present: those prevent the economy from jobs which do not require high reaching an impasse. skill-sets are most vulnerable to obsolescence. A report by the World Bank suggests that 69 per cent of jobs in India are under threat due to automation.

In order to yield increased profits 107 and facilitate growth, government support for improving Bibliography: infrastructure is essential, in particular for small and medium- 1.Kris Punia, March 2020, “Future sized enterprises. As things of unemployment and the informal currently stand, India’s semi-skilled sector of India”, Observer labour force is a major hindrance Research Foundation to the nation’s overall development and poses perturbing challenges to 2.Dr.V.K.R.V. Rao. (1981). which there are a few solutions “Infrastructure and Economic which can majorly contribute to Development”. Commerce Annual. the development of the country. DID YOU KNOW? As per the Global Workers Rights Index (2020) of the International Trade Union Confederation (ITUC), Austria, Ireland, Denmark, Finland and Germany emerged to be top 5. The ITUC ranks countries according to the violations of workers rights. These are the five countries with the least violations to workers’ rights. Burundi, Central African Republic, Libya, Palestine, Somalia are among the worst rated countires.

108 Source: c&en (chemical and engineering news) PANDEMIC AND What’s up fellow travel junkies? Did you guys also THE TANKING promise yourselves that this is the year you are finally going to start travelling and exploring the TOURISM world outside of your house? Don’t worry, you are SECTOR not alone. This year has definitely been a massive rollercoaster of what might just be the beginning of By Priyamvada Snigdha the worst times yet. We went from packing our Ayyagari suitcases to last for weeks to packing groceries to last for weeks. We went from sulking to wake up III B.A.Economics every day to go to colleges to sulking to wake up every day to attend online classes. Okay, enough with the sob story. Let’s get serious guys! Tourism generates foreign exchange, supports jobs and businesses, drives regional development and underpins local communities. Last year, 2019, was a wonderful year for the countries that earn a major amount of their revenue from their tourism sector because the tourism sector all over the world was reaching a new level of sky-high.

Countries, where tourism is a major 109 driver of economic activities, experienced higher contributions to first three months of the lockdown. the GDP, such as France (7.4% of The revenue also saw a 65% to 75% GDP), Greece (6.8% of GDP), fall per available room. Iceland (8.6% of GDP), Mexico (8.7% of GDP), Portugal (8% of GDP), Source: Business Today Spain (11.8% of GDP) and India (9.2%). The decrease in the prices of According to the United Nations – plane tickets and the rise in incomes World Tourism Organisation was getting all the globe-trotters (UNWTO): really excited. Just when people thought that this trend was going to International tourism fell down last long enough for them to by 22% in the first quarter of complete their travel plans, they 2020. It was estimated that it were stumped. could decline further by 60% to The tourism sector contributes 80% over the whole year. about 8.1% of the total employment The total number of in India. The Federation of international tourists up to Associations in Indian Tourism and March fell by 67 million which Hospitality (FAITH) declared that translates into US$80 billion in about 3.8 crore people lost their lost exports. jobs due to the pandemic and the This leads us to a very crucial lockdown. aspect of this entire sector – The pandemic caused what would employment. This sector is one of look like a typical ‘domino effect’ in the most labour-intensive sectors the tourism sector. First, the of the economy. transportation industry took a hit. All the flights and trains were cancelled because of which people had to cancel their tickets as well. A whopping 1.78 crore Indian Railways tickets got cancelled in the first five months of the lockdown, leading to a refund of Rs. 2727 crores. Then the hospitality industry took a blow. The occupancy rates in hotels experienced a steep 20% to 40% fall during the

110 The World Travel & Tourism Make use of digital technology. Council (WTTC) made a statement saying that despite a slight This will ensure that tourism improvement driven by the return of domestic travel in a number of services continue to accelerate. economies; should the current barriers to global travel continue It will include higher use of to exist, a staggering 174 million travel and tourism jobs could be automation, contactless lost this year. This pandemic has definitely caused some severe payments and services, virtual damages, a few irreparable damages too. Here a few steps we experiences, real-time must take to make sure that this sector can bounce back to its information provision. previous glory: The tourism policies all over the Sustainability must be made more prominent as people now have a world need to be made more greater awareness of climate change and its adverse impacts. reactive and in the long term, it We need to start travelling in a way that will ensure that we lower needs to move to more flexible the environmental impact of tourism. systems, the ability to adapt Stay domestic! Try and enrich domestic travel and tourism. faster to changes to policy focus. Given the amount of uncertainty of our surroundings, the traveller Crisis management will be a confidence is expected to decline. All the required measures need to particular area of focus.That’s all be taken to make sure that the traveller(s) feel safe to travel folks! again. Big gatherings need to be avoided. Let’s make this world safe and People will prefer ‘private solutions’ when travelling. sustainable enough to travel again! The workers that have lost jobs in this sector might need to be Bibliography: redeployed to different sectors. 1.Manon Dambrine and Hannah Steinkopf-Frank. ( Aug 2020), “How Countries Are Coping With A Tanking Tourism Industry”.WorldCrunch. 2.Devanjana Nag. ( Aug 2020). “Whopping 1.78 crore Indian Railways tickets cancelled in five months due to COVID-19; Rs 2,727 crore refunded”. Financial Express. 3.Anonymous.( March 2020). “Hotels may see 20-40% fall in occupancy rates in Mar-May due to COVID-19: Report”. The Economic Times.

111 4.UNWTO Reports. ( May 2020). 6.OECD. (December 2020). “International tourist numbers “Rebuilding tourism for the could fall 60-80% in 2020”. future: COVID-19 policy responses and recovery”. 5.Anumeha Chaturvedi. ( October 2020). “174 million travel and tourism jobs could be lost in 2020 due to Covid-19 and travel restrictions: WTTC”.The Economic Times. DID YOU KNOW? The OECD uses GDP per hour worked as a measure of labour productivity and it gauges how efficiently labor input is combined with other factors of production and used in the production process. Ireland is at the very top of the scale with a GDP per hour worked of $99.5, followed by Norway with $83.1 and Germany's $72.2.

112 Source: Pep Bonet THE ETHICAL The prosaic position labour violations hold in the media is symptomatic of a larger fracture in the DILEMMA OF supply chains of large corporations. The abuses perpetrated by subcontractors, by providing less than a living wage for millions of poverty-stricken SUBCONTRACTED workers in developing countries, while exploiting enormous quantities of output is a matter of dire LABOUR: A LENS concern for both consumers and manufacturers. The consumer, unaware of the cruelty that entails in factories, is a blind participant in the atrocities INTO NEO- committed. This disorder in supply chain SLAVERY management traces a problem that takes root in human rights abuses, which continues to shoot out in the form of unsustainable consumerism, and By Anuradha Jaishankar perpetuates a dismal cycle of poverty among millions of poor workers. This essay seeks to discuss the I B.A.Economics unsustainable labour practices that are practised by several large industries, by maintaining the focus on the Sportswear industry.

113 While scrolling through an endless The difference between a living wage and a minimum wage would collection of cheaply priced be startling. Workers can barely manage to meet their basic needs sportswear in stores, the like food, rent, healthcare, and education. In fact, the Asia Floor profitability for sellers seems to be Wage Alliance calculated that a living wage in India is around 283 a matter of puzzlement. Several USD / month, which happens to be four times the minimum wage. large online and retail stores are Moreover, 80% of the workforce of the sportswear industry is women, capable of providing clothes that who would require additional income for maternity leave and feminine are highly competitive in pricing care. throughout the year. These sales Socially the face discrimination, and are intimidated from joining unions are made possible through the costs to protect their labour rights These companies have deep pockets cut in production, a large part of when it comes to what can be considered unnecessary expenses, which is owed to labour and also seem to have shrunken pockets when it comes to protecting one of continues to promise huge profits to the most significant factors of production. To make matter worse, companies. Brands like Adidas, these jobs aren’t stable throughout the year, as most contracts run out Nike, Puma, Reebok etc, employ in short time periods. Despite mounting evidence that workers on short term contracts, do suggests that subcontracting—and indeed, the very way that supply not align with the unionized factory chains are organized—fuels exploitative labour practices, system. Workers who are employed discussions of how to eradicate forced labour from supply chains under ‘flexible’ arrangements are have scarcely mentioned the political economy and ethics of the discouraged from joining unions due business models that promote subcontracting. to their fear of employers not renewing their contracts. Companies often argue that the employment they provide is significant to the extent that it at least provides a job to a largely unemployed workforce. Desperation is often the leading factor that leads these workers to undertake jobs in these sectors. Even the European Parliament uses the term “slave labour” to describe the current working conditions of garment workers in Asia.

114 There have been very few These corporations have been the academics that have questioned the ethics of subcontracting cause for the rise of complexity because there isn’t any law that deems it illegal, despite the and high levels of subcontracting conditions of work pointing towards a form of slavery. within both labour and product It has been recorded that over supply chains, as they have one-third of the GDP, as well as 70 percent of employment in continually restructured developing countries, is controlled by large retail firms. It’s often production in recent decades to imperative for companies to maintain these practices to remain cut costs and reduce legal competitive in their markets. Moreover, the power these firms ownership to curtail liability. When exert over the global market makes these problems almost modern supply chains are this impossible to solve. complex, it propels us to question After all, forced labour, slavery, and other forms of labour the extent of responsibility that exploitation do not usually occur randomly, as observable patterns large retailers must extend, to reveal a nexus of colluding factors. These are coherent management ensure that workers are treated practices that are used by suppliers to balance contractual demands for with dignity. low-priced production with quick turnaround times, short contracts, The power these retailers now unstable demand, and quickening enjoy has been cultivated by speed to market. consumers, and the problems perpetuated by irresponsible Suppliers of these large companies supply chain management should usually subcontract activities to also be addressed vocally by other firms, who further subcontract consumers to protect workers. or outsource activities which results in a layered and dynamic multi-tier It has become embarrassingly system of production common for us to come across accounts of human rights abuses exercised by companies, yet little has been done at these awakenings to prevent further damage to workers. It is an irrefutable fact that productive and healthy workers are ultimately better contributors to the economy. The power consumers hold in the free market must be exercised to eradicate these horrid practices of labour abuse.

Source: corpwatch.org 115 Bibliography 1.Connor, Tim & Dent, Kelly. (2006). “Offside! Labour Rights and Sportswear Production in Asia”. Oxfam International 2.Sustain Your Style. (n.d). “Most Of Our Clothes Are Made In Places Where Worker’s Rights Are Non-existent” 3.LeBaron, G. (2014). Subcontracting Is Not Illegal, But Is It Unethical? Business Ethics, Forced Labor, and Economic Success. The Brown Journal of World Affairs, 20(2), 237-249. Retrieved December 21, 2020 DID YOU KNOW? As per Gallup, an American analytics and advisory company based in Washington, 18% of American workers are actively disengaged, meaning they are “emotionally disconnected from their workplaces and less likely to be productive.” The same number for Danish workers is only 10%, hinting high labour happiness in Denmark.

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WINNING POSTERS 117 1st Place Nehaa Pradeep III B.A.Economics

WINNING POSTERS 118 2nd place Harini Sivaraman II B.A.Economics

119 WORLD LABOUR TRIVI1A19 NORTH EUROPE ASIA AMERICA AFRICA SOUTH AMERICA AUSTRALIA ANTARCTICA

G R A P H S T I M A T E 120 THIS GRAPH SHOWS THE FUNDAMENTAL POINT OF VIEW OF THE ECONOMISTS OF THE 18TH AND 19TH CENTURIES WHO SAID THAT THE ECONOMY COULD NOT OPERATE IN THE ABSENCE OF THIS STATE. THIS CURVE IS NAMED AFTER AN ECONOMIST FROM NEW ZEALAND.IT DEPICTS THE INVERSE RELATIONSHIP BETWEEN INFLATION AND UNEMPLOYMENT. TGLHAIGVEBI OEVONREUNIRAE,.BSFWOIPVGIRTEUOHRAPETROHEUOENUGDTHREEAWDLPHPHBASOYTFRDTETIHFLHEFAEETGDRERIEDAANPGTTHOREAICCLMOOLSNUNCSAOETNMPRDITASHSTTIESANSNTO. SDN

G R A P H S T I M A T E 121 THIS DIAGRAM IS PROPOUNDED BY THE PRIME OPPOSER OF THE CLASSICAL ECONOMISTS. IT SHOWS THAT WAGES CANNOT BE ADJUSTED DOWNWARDS,AND RESULTS IN WORKERS BEING UNEMPLOYED. A FAMOUS ENGLISH ECONOMIST’S THEORY OF DETERMINING EMPLOYMENT AND OUTPUT, THAT SHOWS THE POINT WHERE WHAT ENTREPRENEURS EXPECT TO RECEIVE EQUALS TO WHAT THEY MUST RECEIVE IN ORDER FOR PROFITS TO BE MAXIMISED. TGLHAIGVEBI OEVONREUNIRAE,.BSFWOIPVGIRTEUOHRAPETROHEUOENUGDTHREEAWDLPHPHBASOYTFRDTETIHFLHEFAEETGDRERIEDAANPGTTHOREAICCLMOOLSNUNCSAOETNMPRDITASHSTTIESANSNTO. SDN

G R A P H S T I M A T E 122 THIS SHOWS A TYPE OF UNEMPLOYMENT THAT RELATES TO HOW WELL AN INDUSTRY OR BUSINESS IS DOING. IF THERE IS A FALL IN DEMAND FOR THE GOOD, THERE WILL NATURALLY BE A SLUMP IN LABOUR DEMAND. THIS UNIQUE CURVE, UNLIKE OTHER CURVES, IS NAMED AFTER ITS LOOKS. IT SHOWS HOW PEOPLE EVENTUALLY SUBSTITUTE LEISURE FOR PAID-WORK TIME, AS WAGES INCREASE BEYOND A CERTAIN LEVEL. TGLHAIGVEBI OEVONREUNIRAE,.BSFWOIPVGIRTEUOHRAPETROHEUOENUGDTHREEAWDLPHPHBASOYTFRDTETIHFLHEFAEETGDRERIEDAANPGTTHOREAICCLMOOLSNUNCSAOETNMPRDITASHSTTIESANSNTO. SDN

G R A P H S T I M A T E 123 THE CURVE IS NAMED AFTER ITS FOUNDER, WHOSE NAME IS REMINISCENT OF ANY DRINK- COKE, JUICE, WATER, YOU NAME IT. IT REPRESENTS THE RELATIONSHIP BETWEEN UNEMPLOYMENT AND THE JOB VACANCY RATE. AN ECONOMIST WHO CHANGED THE COURSE OF MACROECONOMIC THEORY PRESENTED THIS GRAPH THAT SHOWS HOW THE ECONOMY DOESN’T NECESSARILY HAVE TO HAVE FULL EMPLOYMENT AT THE EQUILIBRIUM LEVEL. TGLHAIGVEBI OEVONREUNIRAE,.BSFWOIPVGIRTEUOHRAPETROHEUOENUGDTHREEAWDLPHPHBASOYTFRDTETIHFLHEFAEETGDRERIEDAANPGTTHOREAICCLMOOLSNUNCSAOETNMPRDITASHSTTIESANSNTO. SDN

124 GUESS THE ECONOMIST HE PRESENTED THE LABOUR THEORY OF VALUE (LTV), WHICH ARGUES THAT THE ECONOMIC VALUE OF A GOOD OR SERVICE IS DETERMINED BY THE TOTAL AMOUNT OF \"SOCIALLY NECESSARY LABOUR\". GUESS WHO? HE PRESENTED LABOUR POWER AS A KEY CONCEPT IN HIS CRITIQUE OF CAPITALIST POLITICAL ECONOMY. GUESS WHO?

125 GUESS THE ECONOMIST HE WON THE IZA PRIZE IN LABOUR ECONOMICS IN 2007. HIS ANALYSIS AND STUDIES WERE EXTREMELY INFLUENTIAL AND SOMETIMES EVEN CONTROVERSIAL. HIS FAMOUS CONTRIBUTION TO LABOUR ECONOMICS WAS HIS PROPOSITION THAT \"UNIONISM ON NET PROBABLY RAISES SOCIAL EFFICIENCY”. GUESS WHO? HE IS KNOWN AS THE FATHER OF MODERN DAY LABOUR ECONOMICS. HE HELPED DEVELOP THE EMPIRICAL FOUNDATIONS OF THE HUMAN CAPITAL THEORY. GUESS WHO?

126 GUESS THE ECONOMIST HE IS A FRENCH ECONOMIST AND IS ONE OF EUROPE'S LEADING LABOUR ECONOMISTS. HIS RESEARCH IS PRIMARILY FOCUSED ON LABOUR ECONOMICS AND ITS RELATIONSHIP WITH MACROECONOMICS. HE IS CURRENTLY PROGRAM DIRECTOR OF IZA INSTITUTE'S \"LABOUR MARKETS\" PROGRAMME. GUESS WHO? HE IS MOST WIDELY KNOWN FOR HIS 1974 BOOK LABOUR AND MONOPOLY CAPITAL: THE DEGRADATION OF WORK IN THE TWENTIETH CENTURY, \"A TEXT THAT LITERALLY CHRISTENED THE EMERGING FIELD OF LABOUR PROCESS STUDIES\" GUESS WHO?

127 GUESS THE ECONOMIST HE WON THE LABOUR IZA AWARD IN 2018 FOR HIS ANALYSIS OF LABOUR SUPPLY, FAMILY ECONOMICS AND DISCRIMINATION. GUESS WHO? HE WON THE NOBEL PRIZE IN 1992 FOR HIS WORK ON HUMAN CAPITAL AND EXTENDING ECONOMIC CONCEPTS TO OTHER DISCIPLINES LIKE SOCIOLOGY, DEMOGRAPHY AND CRIMINOLOGY. GUESS WHO?

128 . .2 3 1 .5 .4 . .7 .6 8 .1 0 .9 .1 1 .1 2 AA CC RR OO SS SS DD OO WW NN 2. By law, this is the minimum wage that can be given to 1. Ola, Uber, Swiggy and Zomato: what kind of economic employees. setup do their employees work in? 8. I just left my job, and I'm searching for a new one. I undergo unemployment. 3. A term referring to the skilled labour force. Also, 9. I get lower wages than I deserve, and my employer treats me straighten your ties. terribly.Where do I go? 4. A retirement plan that provides a monthly income in 10. There's a mismatch between the jobs available and the skill retirement. levels of the unemployed. This is called ____ unemployment. 5. The coefficient-based measure of the distribution of income across a population, developed by an Italian 12. What kind of labour is not recruited directly by the firm but statistician. through a third party? 6. He's responsible for India's labour force 7. Total expenses spent by an employer on an employee in a year 11. Working-class people, usually the lowest economic class.

LABOUR LAWS AND 129 REFORMS INDIAN INDUSTRIAL DISPUTES MATERNITY BENEFIT ACT 1961 ACT, 1947 AIM:IT PROTECTS THE EMPLOYMENT OF WOMEN AIM: TO SECURE INDUSTRIAL PEACE DURING THE TIME OF HER MATERNITY AND ENTITLES AND HARMONY BY PROVIDING HER OF A 'MATERNITY BENEFIT' - I.E. FULL PAID MECHANISM AND PROCEDURE FOR ABSENCE FROM WORK - TO TAKE CARE FOR HER THE INVESTIGATION AND SETTLEMENT CHILD. ... 12 WEEKS MATERNITY BENEFIT TO A OF INDUSTRIAL DISPUTES BY COMMISSIONING MOTHER' AND 'ADOPTING CONCILIATION, ARBITRATION AND MOTHER'. • FACILITATE WORK FROM HOME'. ADJUDICATION WHICH IS PROVIDED UNDER THE STATUTE. FACTORIES ACT, 1948 AIM: THE MAIN OBJECTIVE OF THE ACT IS NOT ONLY TO ENSURE ADEQUATE SAFETY MEASURES BUT ALSO TO PROMOTE HEALTH AND WELFARE OF THE WORKERS EMPLOYED IN FACTORIES AS WELL AS TO PREVENT HAPHAZARD GROWTH OF FACTORIES. 1947 1948 1952 1961 THE MINIMUM WAGES ACT (1948) AIM: TO ENSURE THAT THE EMPLOYEE CAN HAVE THE BASIC PHYSICAL NEEDS, GOOD HEALTH AND A LEVEL OF COMFORT. TO ENSURE A SECURE AND ADEQUATE LIVING WAGE FOR ALL LABORERS IN THE INTEREST OF THE PUBLIC. TO ENSURE THAT THE EMPLOYEE HAS ENOUGH TO PROVIDE FOR HIS FAMILY . THE EMPLOYEES PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952 AIM: AN ACT TO PROVIDE FOR THE INSTITUTION OF PROVIDENT FUNDS PENSION FUND AND DEPOSIT-LINKED INSURANCE FUND FOR EMPLOYEES IN FACTORIES AND OTHER ESTABLISHMENTS.

LABOUR LAWS AND 130 REFORMS PAYMENT OF BONUS ACT MRTU AND PULP ACT 1971 1965 AIM:MAHARASHTRA RECOGNITION OF TRADE AIM: IT AIMS TO REGULATE THE AMOUNT UNIONS AND PREVENTION OF UNFAIR LABOR OF BONUS TO BE PAID TO THE PERSONS LAWS PRACTICES ACT 1971 SANCTIONED BY THE EMPLOYED IN ESTABLISHMENTS BASED ON GOVERNMENT OF INDIA FOR REGULATIONS OF ITS PROFIT AND PRODUCTIVITY. THE ACT IS INDUSTRIES IN THE COUNTRY TO ATTAIN THE APPLICABLE TO THE WHOLE OF INDIA FOR GOAL OF EMPATHETIC BETWEEN EMPLOYEE AND ALL ESTABLISHMENTS WHICH HAD TWENTY EMPLOYER. OR MORE PERSONS EMPLOYED ON ANY DAY DURING THE YEAR. 1965 1970 1971 1972 CONTRACT LABOUR (REGULATION & ABOLITION) ACT, 1970 AIM: AN ACT TO REGULATE THE EMPLOYMENT OF CONTRACT LABOUR IN CERTAIN ESTABLISHMENTS AND TO PROVIDE FOR ITS ABOLITION IN CERTAIN CIRCUMSTANCES AND FOR MATTERS CONNECTED THEREWITH THE PAYMENTS OF GRATUITY ACT, 1972 AIM: THE PAYMENT OF GRATUITY ACT,1972 WAS ENACTED WITH SOLE OBJECTIVE OF PROVIDING GRATUITY I.E., A MONETARY AWARD GIVEN FOR SERVICES RENDERED TO THE EMPLOYEES WORKING IN THE FACTORIES, OILFIELDS, MINES, PLANTATIONS, RAILWAY COMPANIES, SHOPS OR OTHER ESTABLISHMENTS UPON THEIR SUPERANNUATION (E.G.,OLD AGE RETIREMENT AMOUNT,)

LABOUR LAWS AND 131 REFORMS EQUAL REMUNERATION ACT, CHILD LABOUR (PROHIBITION AND ABOLITION) 1976 ACT 1986 AIM: AN ACT TO PROVIDE FOR THE AIM:AN ACT TO PROHIBIT THE ENGAGEMENT OF CHILDREN PAYMENT OF EQUAL REMUNERATION TO IN CERTAIN EMPLOYMENTS AND TO REGULATE THE MEN AND WOMEN WORKERS AND FOR THE CONDITIONS OF WORK OF CHILDREN IN CERTAIN OTHER PREVENTION OF DISCRIMINATION, ON THE EMPLOYMENTS. GROUND OF SEX, AGAINST WOMEN IN THE MATTER OF EMPLOYMENT AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO. 1976 1979 1986 1993 THE INTER-STATE MIGRANT WORKMEN (REGULATION OF EMPLOYMENT AND CONDITIONS OF SERVICE) ACT, 1979 AIM: AN ACT TO REGULATE THE EMPLOYMENT OF INTER-STATE MIGRANT WORKMEN AND TO PROVIDE FOR THEIR CONDITIONS OF SERVICE AND FOR MATTERS CONNECTED THEREWITH. AN ACT TO PROHIBIT THE ENGAGEMENT OF CHILDREN IN CERTAIN EMPLOYMENTS AND TO REGULATE THE CONDITIONS OF WORK OF CHILDREN IN CERTAIN OTHER EMPLOYMENTS. AIM: AN ACT TO PROVIDE FOR THE PROHIBITION OF EMPLOYMENT OF MANUAL SCAVENGERS AS WELL AS CONSTRUCTION OR CONTINUANCE OF DRY LATRINES AND FOR THE REGULATION OF CONSTRUCTION AND MAINTENANCE OF WATER- SEAL LATRINES AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO.

LABOUR LAWS AND 132 REFORMS THE UNORGANISED WORKERS THE CODE ON SOCIAL SECURITY, 2019 SOCIAL SECURITY ACT, 2008 AIM:THE SOCIAL SECURITY BILL PROPOSES TO SIMPLIFY, AIM:AN ACT TO PROVIDE FOR THE SOCIAL AMALGAMATE, RATIONALIZE AND REPLACE SECURITY AND WELFARE OF UNORGANISED THE FOLLOWING CENTRAL LABOUR LEGISLATIONS: ... THE WORKERS AND FOR OTHER MATTERS UNORGANISED WORKERS' SOCIAL SECURITY ACT, 2008. CONNECTED THEREWITH OR INCIDENTAL THERETO. THE OCCUPATIONAL SAFETY, HEALTH AND WORKING CONDITIONS CODE, 2019 AIM:TO CONSOLIDATE AND AMEND THE LAWS REGULATING THE OCCUPATIONAL SAFETY, HEALTH AND WORKING CONDITIONS OF THE PERSONS EMPLOYED IN AN ESTABLISHMENT AND THE MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO. THE CODE ON WAGES , 2019 AIM:AN ACT TO AMEND AND CONSOLIDATE THE LAWS RELATING TO WAGES AND BONUS AND MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO. 2008 2013 2019 2020 THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 AIM: AN ACT TO PROVIDE PROTECTION AGAINST SEXUAL HARASSMENT OF WOMEN AT WORKPLACE AND FOR THE PREVENTION AND REDRESSAL OF COMPLAINTS OF SEXUAL HARASSMENT AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO. INDUSTRIAL RELATIONS CODE 2020 AIM: AN ACT TO CONSOLIDATE AND AMEND THE LAWS RELATING TO TRADE UNIONS, CONDITIONS OF EMPLOYMENT IN INDUSTRIAL ESTABLISHMENT OR UNDERTAKING, INVESTIGATION AND SETTLEMENT OF INDUSTRIAL DISPUTES AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO.

133 WALL OF but make it economical MEMES STONKS

134 1000 LIKES arthmemes view all 50 comments

135 1230 LIKES arthmemes #labourmemes view all 50 comments

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139 FUN CORNER REFERENCES World Map Trivia and Did You Know: 1.Kaitlin Sopoci - Belknap. (May 2020). “Happy May Day: Don't Cross the Picket Lines!” Move to Amend 2.Faiza Kondokar.( March 2021). “May Day - how it came to be.” The Daily Star 3.“How many hours do Kosovars work in a week?” (May 2017). Riinvest 1995. 4.Eric Chase. (1993). “The Brief Origins of May Day”. Originally published by Industrial Workers of the World. Global Climate Convergence 5.Randy Stancovici. “7 Interesting Facts About Labor Day That Will Surprise You.” The job Network 6.“11 Facts About Labour Day : The holiday has been celebrated since 1882.” Do Something.Org 7.“Nine interesting facts you need to know about Labours' day.” (May 2019). The Indian Express 8.“Labor Day 2021.” Original: April 2010. Updated: October 2020. History.com 9.“Canada: Labour and Employment.” Blaney McMurtry LLP.Mondaq 10.Reid Maki. (July 2018). “10 Basic Facts about Child Labor Globally.” The Child Labour Coalition 11.“6 Fun Facts About Labor Day!” Hydroworx 12.“Labour Program.” Employment and Social Development Canada Portfolio. Government of Canada 13.“Labour Day: Dignity, Community & Solidarity.” (May 2015). Jamaica Information Centre 14.“The History of the JLP.” Jamaica Labour Party 15.“Ten things to know about labour and employment law in France.” (March 2017). Norton Rose Fulbright 16.Aldo M.Leiva.(November 2000) “Cuban Labor Law: Issues and Challenges.” Association for the study of the Cuban Economy Graphstimate: 1.“Chapter 21.” Socialist Economies in Transition. 2.Essential Graphs for Microeconomics 3.Prateek Agarwal. (November 2020). “Cyclical Unemployment.” Intelligent Economist 4.S Nyol. “Keynesian Theory of Employment.” Macro Economics Notes

140 Guess the Economist: 1.Harry Braverman. “Labor and Monopoly Capital: The Degradation of Work in the Twentieth Century.” Monthly Review“ 2.Joseph Altonji wins IZA Prize in Labor Economics.” (May 2018). YaleNews“ 3.Press release.” (October 1992). Kungl. Vetenskapsakademien- Royal Swedish Academy of Sciences. The Nobel Prize 4.Freeman, Richard B. and James Medoff. (1984). “What Do Unions Do.” New York: Basic Books, pp. 247 and 250.“ 5.Remembered: Jacob Mincer, Father of Modern Labor Economics.” (September 2006).Columbia News. 6.Pierre Cahuc. IZA - Institute of Labor Economics 7.Investopedia Staff. Reviewed by: Robert C. Kelly. (November 2020). “Labor Theory Of Value.” Investopedia 8.David Prychitko. “Marxism.” The Library of Economics and Liberty 9.Investopedia Staff. (January 2021) Reviewed by: Eric Estevez. “David Ricardo.” Investopedia Labour Reforms: 1.“Minimum Wages Act 1948 - Objectives, Components, Case Laws.” (August 2018). Law News and Network 2.“Statistics of Factories 200.” Labour Bureau. Government of India 3.“Payment of Bonus Act.” India Fillings 4.“MRTU and PULP Act, 1971.” Toppr“ 5.MCQ on payment of Gratuity Act, 1972.” The Behavioural Growing Tree“ 6.Maternity Benefit (Amendment) Bill, 2016 passed in the Parliament.” (March 2017). Press Information Bureau. Government of India. Ministry of Women and Child Development.

141 Fun Corner: Answer Key Crossword Across Down 2. Floor wage 1. Gig economy 8. Frictional 3. White-collar 9. Trade union 4. Pension 10. Structural 5. Gini 12. Contract labour 6. Santosh Gangwar 7. Cost to company 11. Proletariat Graphstimate 1. Classical Model of employment/labour market 2. Phillips Curve 3. Keynes’ Price Flexibility and Money Wage Rigidity 4. Keynes’ Determination of Employment 5. Cyclical unemployment 6. Backward-Bending Supply Curve of Labour 7. Beveridge Curve 8. Keynes’ Underemployment Equilibrium Guess The Economists 1. Adam Smith 5. Pierre Chuck 2. Karl Marx 6. Harry Braverman 3. Richard B Freeman 7. Joseph G Altonji 4. Jacob Mincer 8. Gary S Becker

Curators of Fun Corner 142 World labour trivia Pragnya V (I BA Economics) S.V.Shruthi Shri (I BA Economics) Harshini G (I BA Economics) Graphstimate Disha Chaturvedi (II BA Economics) Sarayu M (II BA Economics) G.Keerthana (II BA Economics) Guess the economists Padmapriya K (I BA Economics) Kaveri G (I BA Economics) Keerthana Shankar (I BA Economics) Crossword Amritha Satish Kumar (I BA Economics) Padmapriya K (I BA Economics) Shravya Sukumar (I BA Economics) Sarayu M (II BA Economics) Labour laws and Reforms Disha Chaturvedi (II BA Economics) Sarayu M (II BA Economics) Padmapriya K (I BA Economics) Wall of memes Joshita D (II BA Economics)