The Nature of Work: the Skills Necessary for the Successful Execution - Essay Example

IntroductionI am writing about Wages, Compensation, and Labor Costs since they constitute the main determinants of the availability and delivery of labor. Wage is the monetary enumeration offered to an employee by the employer in exchange of the work done (Altman 41). Compensation is the act of offering wage. In most situations, the employers offer wages based on compensation principles. Labor costs entail expenses to a company associated with an employee comprising of wages, gains, and taxes together with insurance.

I opted for this topic because the outlined factors in this case are the main aspects of labor economics.ImportancePrecise connection of wages, compensation, and labor costs, as well as their analyses, will lead to an explicit understanding of labor economics (Altman 42).Economic TheoryThe main theoretical stipulation outlines that the economic quality of a product or service is determined by the total quantity of labor needed for its production (Altman 44). The nature of work determines the skills necessary for its successful execution.

Amount of labor delivered by the employees towards determining the economic value of a product or service depends on wages, compensation, and labor costs.Summary of empirical methods and or resultsThe proof to attest to the theory would be obtained from firms with different number employees but operating in the same line of production. I realized that the amount of labor would determine the economic quality of a product or service as predicted by the heterodox theory of value. However, the supposition was only possible after a thorough review of the literature by the previous researchers on the topic.

Ceteris Paribas, the quality and quantity of labor determine the quality and quantity of goods and, or services produced (Altman 45). Because different firms have dissimilar standards of products, examination of geographical variations is appropriate as supported in the literature.ConclusionsIn the beginning, there was an expectation of a concise conclusion on whether the general amount of workforce affects the value of products or services produced by the employees. Moreover, I expect to outline a concept on whether it is the quantity of work or the requisite skills needed for the work, or both.

Works CitedAltman, Morris. Economic Growth and the High Wage Economy: Choices, Constraints and Opportunities in the Market Economy: Choices, Constraints and Opportunities in the Market Economy. London: Routledge, 2013