Unlocking Fair Wages: How Labour Works And Drives Economic Growth
Price = Wage + Profit + Rent. Understanding wage dynamics is crucial for founders & associates. Fair compensation ensures profitability & human capital growth. Innovators: align interests of all stakeholders for broader societal progress.
Hi there! I'm Shrijith Venkatrama, the founder of Hexmos. Right now, I’m building LiveAPI, a super-convenient tool that makes engineering life easier by creating awesome API docs from your code in minutes. While I work on LiveAPI, I’ve been diving into economic ideas and sharing what I learn. Today, let’s explore natural and market prices, monopolies, and what drives pricing in markets. We learned in the previous article that the real price (or cost) of a product consists of: Wage Profit Rent The wage is taken by the labourer, profit by the proprietor, and the rent by the landlord....