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Discrimination in the job market Paper
Discrimination in the job market Essay
The industrialization era introduced mass production and consequently the existence of enterprises. Capital and labor were the essential factors of production. As corporations began, its managers sought for methods to increase productivity and reduce the cost of production. Specialization and standardization were some of the techniques used to achieve these objectives. Additionally, market forces were in play determining the prices and wage rates. Therefore, various economists developed theories that aimed to solve economic problems. However, they introduced some social issues too.
The neoclassical economic theory is one of the leading approaches that were adopted by companies and the governments to guide economic growth. This approach emphasis on how efficiency affects market forces. It notes that consumers will purchase products that yield maximum satisfaction. In this case, consumers have power over supply and demand. On the other hand, corporations seek to maximize profits. Therefore, the market reaches an equilibrium where the goals of companies and consumers are both achieved. Moreover, the theory views that capital and labor affect the productivity of the company. While capital is held constant, the labor determines the efficiency of the company (Albelda et al. 86).
With specialization of jobs, people were able to perform menial tasks. However, as time progressed, educated people had better opportunities. Also, companies had power in the labor market as they offered prices below their marginal rate of production. Thus there was wage inequality as skilled labor had better wages than unskilled labor. Besides, corporations were highly dependent on physical labor. It meant that men who had the physical capacity to perform manual jobs had better opportunities than women (Karamessini and Jill 333). The neoclassical theory thus noted that physical, skilled labor and capital could propel economic growth. It was the beginning of inequality and discrimination in the labor market........................GET A PLAGIARISM FREE COPY