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Demand: Utility and Marginality - Essay Example

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Demand: Utility and Marginality Name: Institution: Question 1 A country’s labor force is a great determiner of the state of the economy. It is therefore advisable that a state maintains a highly productive labor force to steer economic growth. Most of the developing countries provide have cheap labor…
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Demand: Utility and Marginality
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"Demand: Utility and Marginality"

Download file to see previous pages It is important that a president formulates and implements policies that attract both foreign and local investments in the country. Such policies include the development of an effective political system. Political instability in a country discourages both foreign and local investments as investors fear losing their entire investments. The underdeveloped countries have a reputation of manipulating constitutional offices and ineffective political systems which thereby promote civil strifes. Such environments discourage investments thereby resulting in low labor with no practical experience in terms of theoretical knowledge. Additionally, the devaluation of the local currency makes operating in a country cheaper. This provides unparalleled enticement to foreign investors thereby the expansion of businesses in the developing country (Mills, 1994). An equally important tool for improving the quality of the labor force is reevaluating the academic curriculum in the country. Most of the developed countries have purely theoretical curriculums most of which have no relation with the practicality in the job market. This results in an unemployable population. To develop such countries, it is important to revise the school curriculums and develop realistic educational programs that relate to the job market thereby making the products of academic institutions relevant to the labor market. Question 2 Technological trends in labor keep shifting the demand for labor. Every aspect of production employs the use of different technology for which the management hires the human resource to operate. Human skill is therefore often required to operate the machines in the production process. This implies that the invention of a better technology to the production process restructures the entire human composition of the workplace. Additionally, different aspects of the production process use different machines and therefore require different technical expertise. It is through this appropriation of responsibilities in the production process that develops specialization, which is the application of a particular knowledge in a specific profession or discipline. Specialization improves quality of labor since everyone assigns himself or herself a specific duty to which he commits thus perfecting his or her skills in the execution process. Technology affects the production process implying that it affects the distribution of labor. The invention of the tea-picking machine has raised squabbles for a long time between tea pickers and plantation owners in the East Africa region since the machine literally replaced the illiterate manual tea pickers. However, the machine has on the other caused jobs to the skilled operators who arguably earn better than the manual tea pickers. Technology disrupts the convention production process at times eliminating a number of stages thereby rendering the former employees jobless. The use of computers has mechanized a number of fields in the modern day economies, during its introduction in the early 1980s most people feared that computers would eliminate a number of employees. In actual sense, computers did not just create job losses but created more and continues to create more jobs. It is however, understood that a number of computer illiterate employees lost their jobs at the time. The technology requires skillful operation; this implies that it ...Download file to see next pagesRead More
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