The elements of political economy by unknow

Author:unknow
Language: eng
Format: epub
Tags: Economics
Publisher: New York, G. P. Putnam's sons
Published: 1884-03-25T05:00:00+00:00

CHAPTER V.

WAGES.

Wages are tlie reward of labour.

Wages reckoned in money must not be confounded with wages calculated by the amount of commodities this money will procure. A workman can barely live in London on half-a-crown a day, because board and lodging are both very dear. In China or Japan with a third of this sum he need want for nothing, because everything is cheap.

What is important to the labourer is the amount of commodities, such as bread, meat, and clothing, which his wage will allow him to consume. A decrease in the cost of production, causing a fall in the price of products, tends indirectly to increase wages. The labourer does not receive more money, but for the same money gets more commodities.

§ I. Systems of Remuneration.

Labourers are usually paid in money, but sometimes in kind, as in countries where the farm hands are still boarded by their master.

Labour may be paid according to time—by the day or hour; or according to the work done—by the job or piece, as when painters are paid by the square yard, or masons by the cubic foot. Payment

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