The Policy Monitor
Wage determination, therefore, becomes less and less a function of demand and supply and more and more a function of class power. If we take the regular demand-supply framework into consideration, we realise that the present pandemic not only causes a negative shock on the aggregate demand levels but also the aggregate supply levels
The costs of attending work for everyone would be the possibility of becoming a vector of transmission of virus but if the societal benefits of certain employees exceed their costs, adjusted wage payments should be made accordingly
Amidst all the hopeless possibilities, this 29th of December published a report whereby the Confederation of Indian Industry (CII) noted nascent signs of recovery in the Purchasing Managers Index (PMI) of manufacturing and services that boosted their expectations of the economy rebounding in 2020.