LABOUR

Labour: 

The term ‘labour’, means any mental or physical exertion directed to produce goods or services. All human euorts of body or of mind undergone partly or wholly with a view to secure an income apart from the pleasure derived directly from the work is termed as labour. In other words, it refers to various types of human euorts which require the use of physical exertion, skill and intellect. It is, however, diflcult to say that in any human euort all the three are not required; the proportion of each might vary. Labour, to have an economic significance, must be one which is done with the motive of some economic reward. Anything done out of love and auection, although very useful in increasing human well-being, is not labour in the economic sense of the term. It implies that any work done for the sake of pleasure or love does not represent labour in Economics. It is for this reason that the services of a house-wife are not treated as labour, while those of a maid servant are treated as labour. If a person sings just for the sake of pleasure, it is not considered as labour despite the exertion involved in it. On the other hand, if a person sings against payment of some fee, then this activity signifies labour.

 
Characteristics of labour:
(1) Human Euort: Labour, as compared with other factors is diuerent. It is connected with human euorts whereas others are not directly connected with human euorts. As a result, there are certain human and psychological considerations which may come up unlike in the case of other factors. Therefore, leisure, fair treatment, favourable work environment etc. are essential for labourers.

(2) Labour is perishable: Labour is highly ‘perishable’ in the sense that a day’s labour lost cannot be completely recovered by extra work on any other day. In other words, a labourer cannot store his labour.

(3) Labour is an active factor: Without the active participation of labour, land and capital may not produce anything.

(4) Labour is inseparable from the labourer: A labourer is the source of his own labour power. When a labourer sells his service, he has to be physically present where they are delivered. The labourer sells his labour against wages, but retains the capacity to work.

(5) Labour power diuers from labourer to labourer: Labour is heterogeneous in the sense that labour power diuers from person to person. Labour power or eflciency of labour depends upon the labourers’ inherent and acquired qualities, characteristics of work environment, and incentive to work.

(6) All labour may not be productive: (i.e.) all euorts are not sure to produce resources.

(7) Labour has poor bargaining power: Labour has a weak bargaining power. Labour has no reserve price. Since labour cannot be stored, the labourer is compelled to work at the wages ouered by the employers. For this reason, when compared to employers, labourers have poor bargaining power and can be exploited and forced to accept lower wages. The labourer is economically weak while the employer is economically powerful although things have changed a lot in favour of labour during 20th and 21st centuries.

(8) Labour is mobile: Labour is a mobile factor. Apparently, workers can move from one job to another or from one place to another. However, in reality there are many obstacles in the way of free movement of labour from job to job or from place to place.

(9) There is no rapid adjustment of supply of labour to the demand for it: The total supply of labour cannot be increased or decreased instantly.

(10) Choice between hours of labour and hours of leisure: A labourer can make a choice between the hours of labour and the hours of leisure. This feature gives rise to a peculiar backward bending shape to the supply curve of labour. The supply of labour and wage rate is directly related. It implies that, as the wage rate increases the labourer tends to increase the supply of labour by reducing the hours of leisure. However, beyond a desired level of income, the labourer reduces the supply of labour and increases the hours of leisure in response to further rise in the wage rate. That is, he prefers to have more of rest and leisure than earning more money.

Goods and Service Tax Book (Updated upto 20th January 2018)

GST Student friendly Book most relevant/Useful for CA Intermediate/IPCC, CS executive , CWA Intermediate and CA final. 

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GST (Goods and Services Tax) Book -A student friendly Book. - Bharat Gurukul

GST Student friendly Book most relevant/Useful for CA Intermediate/IPCC, CS executive , CWA Intermediate